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Secret Foundation of BayernLB in Austria

Published: January 3, 2011; 17:08 · (Vindobona)

In the hearings on the purchase of Austria's Hypo Group, a former Member of the Board of BayernLB concealed the existence of a foundation in Austria.

Secret Foundation of BayernLB in Austria / Picture: © BayernLB

The former Member of the Board responsible for risk management of BayernLB, Gerhard Gribkowsky, is suspected of obtaining illegal funds and to have invested in a foundation in Austria previously kept secret. The “Süddeutsche Zeitung” writes that Gribkowsky obtained $ 50m (€ 37.4m) from the Caribbean and Mauritius and invested them in the Austrian private foundation "Sonnnenschein". Half of the initial funds are apparently still present.

The existence of this foundation was previously concealed by Gribkowsky to the Munich state prosecution, which is now investigating the source of funds. "We are checking where the money comes from and whether it is related to crimes."

It is assumed that the funds poured into the foundation come from the sale of marketing rights in 2005 in connection with Formula 1. At that time,Bernie Ecclestone was able to keep his control over Formula 1.

Meanwhile, claims for damages filed by BayernLB against Gribkowsky have been made known. He is also held responsible for misconduct regarding the Hypo Group. It is therefore necessary to verify whether BayernLB could get access to the private foundation, said the Bavarian Minister of Economy, Martin Zeil.