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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…

This article includes a total of 193 words.

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