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