OeNB Dismisses Management of Money Printing Subsidiary

Published: October 28, 2011; 19:12 · (Vindobona)

Three persons were fired for suspicion of unlawful actions. € 14m have allegedly been paid as bribe to secure a deal with Syria.

OeNB Dismisses Management of Money Printing Subsidiary / Picture: © OeNB

The Austrian National Bank (OeNB) today announced that it has dismissed both managing directors of its wholly owned subsidiary Oesterreichische Banknoten- und Sicherheitsdruck GmbH (OeBS), which is charged with printing the Republic’s bank notes.

A routine internal audit had resulted in the suspicion of “unlawful actions and withholding of information from the Supervisory Board”, the OeNB stated in a press release.

The Supervisory Board of OeBS thus informed the competent authorities about the case at the beginning of the week. The company’s management was suspended from its duties with immediate effect. Furthermore, the employment relationship with a third person on the departmental manager level of OeBS was terminated immediately. An interim management has been appointed.

According to media reports, OeBS allegedly used € 14m as bribe to secure a deal with Syria. Moreover, auditors had also found “unusual expenses” totaling € 600,000 in the company books.