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Read the latest headlines about laws, jurisdictions and court decisions in Vienna and Austria with reference to the international interest
Austrian Economic Legal Issues and Insolvencies
US Termination of the Iran Agreement: Major Effects on Austrian Exports Expected
The Austrian Federal Economic Chamber fears that the Trump decision will have a massive negative impact on the Iran business of Austrian companies. It will probably be extraordinarily difficult in the future to establish the necessary payment channels for legitimate transactions.
May 17, 2018
Iran-Deal Withdrawal: Consequences for Iran-Austrian Economics Relations
About 50 Austrian companies have branches in Iran. Austrian exports to Iran rose by 9.2 percent to 301 million euros in 2017; imports increased by 18.5 percent to 119 million euros. A JCPOA supported only by the EU, Russia, China and Iran is not sufficient in the medium and long term to create the necessary investments and renewals in Iran. Without the US on board, international banks and large companies will continue to shy away from activities in Iran. Secondary sanctions will contribute to this.
May 11, 2018
Trump's Iran Deal Withdrawal Increases Uncertainty for Austrian Companies
Austrian companies react in a wait-and-see manner. The withdrawal of the US from the Joint Comprehensive Plan of Action (JCPOA) with Iran means in practice that the suspension of sanctions will no longer be extended. Considerations range from an immediate halt to activities in Iran to the longest possible active participation within the new sanctions framework. It is unlikely that Austria's exports will reach the 300 million euro mark of the previous year.
May 11, 2018
Austrian Financial Market Authority Is Pleased With Whistle-Blowing System
In 2017 whistleblowers made 158 tip-offs regarding misconduct in the Austrian financial market. The FMA has been operating a special IT-based whistleblowing system since 1 February 2014 that allows the anonymous receipt of confidential information about possible instances of malpractice in supervised entities. FMA Executive Board: “Our whistle-blowing system is an important source of information for the FMA.”
April 20, 2018
Austria's Capital Market for SMEs on the Brink of a Renaissance
Finance Minister Hartwig Löger plans to revive the Austrian capital market for SMEs by making trading of bearer shares of Austrian companies on the Third Market possible again.
April 11, 2018
New Double Taxation Agreement Between Israel and Austria
After almost 50 years, a new double taxation agreement (DTA) for income and capital taxes was signed between Israel and Austria, which includes substantial tax relief.
April 10, 2018
Money Laundering: RBI Is Fined EUR 2.7 Million
The Austrian Financial Market Authority (FMA) has imposed the highest fine ever imposed by the FMA, i.e. a fine of EUR 2.748 million against Raiffeisen Bank International AG.
April 1, 2018
Austria's Double Budget 2018/2019 - Cautious Optimism
Finance Minister Hartwig Löger (ÖVP) presented his first budget. Austria's new federal government wants to earn more than it spends. The double budget for 2018 and 2019 should herald a new era. The Austrian state has been spending more than it takes for 65 years and this is to be reversed for the first time in 2019. Debt policy is to be ended. A budget surplus of 541 million euros is to be achieved and thus a turning point in budget policy. Most money should be spent on pensions, least on health.
March 22, 2018
Austrian Attaché at Tel Aviv Embassy Poses in T-Shirt of Right-Wing Identitarians
Austrian Foreign Minister Karin Kneissl has recalled Jürgen-Michael Kleppich, Attaché at the Austrian Embassy in Tel Aviv. The reason for this are media reports that shortly after Kleppich moved to Israel in January 2018, he posted a picture of himself in a T-shirt from the shop of right-wing extremist Identitarian Movement on Facebook.
March 22, 2018
How do Russian Politicians and Oligarchs Withdraw their Money from Austria?
The Russian money nobility has begun to repatriate large amounts of its western-hoarded money back to Russia in order to deprive it of access by Western authorities. The countries of origin are above all Switzerland, but also Austria and Great Britain. Sberbank, Russia's largest and state-owned bank, speaks of an atypically high capital inflow to Russia. Within a few weeks, a tripling of such repatriation transactions took place compared to the same period of the previous year. The sum is hundreds of millions of dollars. The average transfer amount has increased within a year by 50% to 3 million dollars. This meets with the Kremlin's desire to repatriate Russian assets.
February 22, 2018
Presidential Poll Result Overturned by Austrian Constitutional Court
Austria's highest court has annulled the result of the presidential election narrowly lost by the candidate of the far-right Freedom Party Norbert Hofer.
July 1, 2016
Tax Payers to Finance AvW Bankruptcy after all?
Tax payers may have to finance the bankruptcy of Carinthian financial company AvW after all, Presse daily reports in its online issue. The damage is estimated at EUR 148 million (USD 168.2 million).
June 8, 2016
Activ Solar Files for Reorganisation in Austria, Debts Reach EUR 500 Million
Vienna-based Activ Solar GmbH announced that it is bankrupt and that it has filed for reorganization in Austria due to its investment exposure in Ukraine. The company has amassed debts to the tune of EUR 500 million.
February 10, 2016
International Organizations Criticize Austria for Restricting the Press Uncover Cases of Grievance
Courts should take public interest into account in cases against journalists, say representatives of OSCE and Austrian Forum Informationsfreiheit, following Dossier trespassing case in the province of Burgenland.
December 23, 2015
EU to Crack Down on Postal Rip-Offs including Austrian Post
The FT reports that Brussels is preparing a regulatory crackdown against rip-off pricing by national postal operators on cross-border parcel deliveries. According to a study, cross-border parcel deliveries are often five times more expensive than identical trips on the domestic market. While the price of a standard 2 kg parcel delivery in Austria with the national postal operator is €4.44, to have that same parcel send to neighbouring Italy would cost €14. Sending the same parcel back from Italy to Austria will rise to €25. In order to connect the common market, the EU wants to develop the potential of e-commerce and to boost cross-border trade. According to the FT, a spokeswoman of the European Commission said that early next year the Commission will “launch measures to enhance price transparency and regulatory oversight” of the European parcel delivery market.
December 22, 2015
Californian Woman Can Not Take Austrian Railways to Court in the US
Supreme Court says, Carol Sachs who was heavily injured in Innsbruck can’t sue in the US. Her lawsuit against the Austrian national railroad ÖBB for injuries that she suffered while attempting to board a train in Austria does not fall within the “commercial activity” exception to the Foreign Sovereign Immunities Act, and is therefore barred by the doctrine of sovereign immunity. The American wanted USD 20 million compensation from ÖBB.
December 2, 2015
Insolvent DIY Chain BauMax Ended Its Operations
Insolvent DIY chain BauMax ended its operations completely on Friday with many stores sold to Obi of Germany. Seven stores did not attract a buyer. Some 700 employees in total are at risk of losing their jobs.
October 30, 2015
German Creditor Pool Brings EUR 1 Bln Action Against Heta Before Frankfurt Regional Court
The lawsuit demands almost EUR 1 billion and is brought in Frankfurt/Main against asset resolution company Heta. The creditor pool consists largely of German creditors which demand immediate repayment of bonds and promissory note loans.
July 16, 2015
Erste Bank Replaces Security Trading Platform Brokerjet with George
Erste Bank's Brokerjet service - that is tailored specifically toward the needs of online trading customers - will be discontinued as of the end of November. In the future the service will be offered via securities trading services George.
July 14, 2015
Immofinanz Files Lawsuit Against CA Immo
Immofinanz CEO Eduard Zehetner fulfilled his threat that the company would file a lawsuit against CA Immo and its subsidiary PHI. The complaint was filed with the commercial court in Vienna last Thursday, news magazine ‘profil’ reports in its Monday issue.
April 13, 2015
Former Ambassador Aliyev is Dead: Lawyers Doubt Suicide
Rakhat Aliyev, the former son-in-law of President Nursultan Nazarbayev, is supposed to have hanged himself in his cell. Aliyev sat in Vienna-Josefstadt in custody for allegedly killing two bankers in his homeland Kazakhstan. Today he would have to testify against alleged blackmailers.
February 24, 2015
Raids at Romanian Affiliate of VIG
A number of business locations of Omniasig, the Romanian affiliate of Austrian insurer VIG, were searched by the police. Several employees are accused of forgergy and abuse of authority.
May 14, 2014
Austria: Creditors of DiTech Faced With Total Losses
The Austrian computer equipment retailer has filed for insolvency proceedings at the end of March.
May 12, 2014 · Updated: May 13, 2014; 10:55
New Serbian Government Wants Speedy EU Accession
The new Serbian government is determined to accelerate the EU accession progress.
May 2, 2014
Slovenia: ”Everything Will Stand Still”
Due to the current political crisis the fear about devastating impacts on the Slovenian economy is high.
April 28, 2014
Immofinanz: Ownership Problems in Romania
According to a court decision Immofinanz has took over not legitimately acquired property in Transsylvania.
April 17, 2014
Serbia: “Radical Measures” Needed to Tackle Grey Economy
Experts call for higher penalties to make tax evasion and gray economy less profitable and establish financial discipline.
April 14, 2014
Hypo Group: Disastrous Losses Revealed
Huge write-offs and value adjustments have sent losses of nationalized problem Hypo Group Alpe Adria soaring. Losses running into the billions are expected.
April 10, 2014
Hypo Group: Former CEO Sentenced to Prison
Former CEO of Hypo and investor Tilo Berlin was sentenced to more than two years in prison.
April 9, 2014
Hypo Group too Expensive for BayernLB
According to an official expert, regional German lender BayernLB’s fatal decision to take over Hypo Group Alpe Adria was based on questionable company evaluations.
April 7, 2014
BayernLB: “Odd“ Sponsoring Contracts in Carinthia
Former managers of the German regional bank are under suspicion of having bribed then-governor of the Austrian province of Carinthia.
March 31, 2014
Austria: Dispute about Hypo Credit to Alpine
The granting of a loan to Alpine Bau, which went bankrupt soon afterwards, in the amount of € 25m by Austrian problem bank Hypo Group Alpe Adria has become an issue of the Austrian prosecution.
March 31, 2014
Slovenia: Controversial Property Tax Fails
The Slovenian Constitutional Court has rejected the controversial property tax suggested by the government. This will jeopardize this year’s budget.
March 28, 2014
Serbia: Little Faith in Judiciary
The majority of the Serbian population does not trust state institutions, particularly the judiciary.
March 27, 2014
BayernLB Threatens Hypo Group with Damage Claims
BayernLB, former parent company of Hypo Group Alpe Adria International, is threatening to claim damages from its former affiliate.
March 26, 2014
Hypo Group: Spindelegger Still Rejects Investigation Committee
Today the opposition will call for a joint request for a parliamentary investigation committee with regard to ailing bank Hypo Group.
March 25, 2014
Austria: Opposition Criticizes Nationalization
On Thursday Finance Minister Michael Spindelegger expects a binding statement by ailing bank Hypo Group Alpe Adria about how much state aid will be required. The opposition heavily criticizes the nationalization by the Austrian state in 2009.
March 20, 2014
Hungary: Jurisdiction Affects FX Loans and Banks
Hungary’s constitutional court will exert influence on FX loans.
March 18, 2014
Hypo Group: Government Explains Downsizing Solution
On Tuesday the Austrian government will explain the decided downsizing solution for the ailing bank Hypo Group Alpe Adria. Carinthia only wants to pay € 300m in downsizing costs.
March 18, 2014
Serbia: Landslide Victory for Vucic
After Deputy Prime Minister Aleksandar Vucic’s party saw an overwhelming victory in the early parliamentary elections the new government is facing a hard road ahead.
March 17, 2014
Serbia: Vucic Stands Good Chances of Becoming PM
Vucic is regarded new Serbian Prime Minister in the parliamentary elections.
March 15, 2014
DiTech: Insolvency Postponed
Heavily affected computer equipement trader DiTech has to postpone filing for insolvency proceedings, which was planned today at the Commercial Court in Vienna.
March 14, 2014
Austria: IV Welcomes Government‘s Decision on Hypo
According to Kapsch, president of IV, Hypo Group’s insolvency would have meant uncertainty and damages to the reputation of the business location Austria.
March 14, 2014
Hypo Group: Decision Has Finally Been Made
The government has finally made a decision. Ailing Hypo Group Alpe Adria will be downsized through a private bad bank.
March 14, 2014
Austria/SEE: Crucial Days for Hypo Group’s Future
Today the supervisory board of ailing Hypo Group is gathering to determine the financial gap of Hypo Group and the amount required to complete the balance sheets for 2013. Moreover, a decision about the SEE network will have to be made.
March 14, 2014
Austria: DiTech to be Taken Over by Investor
Insolvent computer equipment trader DiTech is supposed to be taken over by a German investor with Polish roots.
March 13, 2014
Austria: Who Will Pay for Hypo Group?
In the dispute around who is to pay for problem bank Hypo Group Alpe Adria Chancellor Werner Faymann intends to negotiate with the Austrian provinces about a contribution to the bank levy.
March 13, 2014
Hypo Group: Insolvency Still an Option?
The group of international advisors appointed by the Austrian government seems to have come to a different conclusion than the task force of Hypo Group Alpe Adria.
March 12, 2014
Bank Austria to Focus on Growth Markets in the Future
Because of the high value of write-offs Bank Austria, CEE affiliate of Italian UniCredit, had to face record losses amounting to € 1.6bn. CEO Willibald Cernko, however, does not consider the bank having made any mistakes in the past.
March 12, 2014
Hypo Group: Losses Expected to Run into Billions
Hypo Group Alpe Adria is expected to reveal losses of around € 2bn in the balance sheet for the business year 2013. Up to now, losses in the amount of € 1.3bn were expected.
March 12, 2014
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