Former GDR Funds: Bank Austria Has to Pay € 245m

Published: April 21, 2012; 17:00 · (Vindobona)

Bank Austria lost a Zurich retrial over German demands for repayment of more than € 245m linked to the former East German Communist Party.

Former GDR Funds: Bank Austria Has to Pay € 245m / Picture: © Uni Credit Group Bank Austria

A Zurich high court upheld its 2010 decision to order Bank Austria to restore the funds to the German government, said Martin Halama, a spokesman for the Vienna-based Bank Austria. The retrial was ordered last year.

When the dispute first went to court in 1994, Germany said Bank Austria’s former AKB Privatbank Zuerich unit helped launder € 128m that vanished from the accounts…

This article includes a total of 221 words.

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