Hypo Group: Risk Identified Already in 2009

People ♦ Published: March 3, 2014; 11:48 ♦ (Vindobona)

Three months after a report on the risk and susceptibility to fraud of Hypo Group’s leasing affiliates was published by PwC, ailing Hypo Group was nationalized.

Hypo Group: Risk Identified Already in 2009 / Picture: © Wikipedia / JJ55 (30 March 2008)

Because of the conviction for alleged balance sheet fraud, which is not yet final, by Hypo Group’s former bank managers BayernLB argues that it was erred during the purchase process in 2007. The former parent company is now suing for a cancellation of the purchase contract.

However, the Austrian ailing bank is not intending to pay back the credits as they regard the payments as…