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Austrian Economic Legal Issues and Insolvencies

CESEE Remains Attractive for Austrian Investors

According to a survey, the region of CESEE is still attractive to Austrian investors. Particulary the bigger countries – Poland, Turkey and Russia – are becoming even more popular.

August 1, 2013

Slovenia Likely to Overcome Problems in Banking Sector

Slovenia’s problems in banking sector are controllable, according to experts.

July 31, 2013

EVN Forced to Lower Electriciy Prices in Bulgaria

Austrian energy provider EVN is ordered by the regulator to drop electricity prices.

July 30, 2013

Two Interested Parties for Hypo Alpe Adria Italia

Two investors have shown their interest for the take-over of Italian affiliate of nationalized Hypo Alpe Adria. Banca Popolare di Vicenza and a British-Indian Group are claimed of being interested.

July 29, 2013

Bulgarian Deputy PM: “They Want Social Justice“

In an interview with Austrian newspaper Standard, Bulgarian Justice Minister and Deputy Prime Minister Zinaida Zlatanova (40) talks about the reasons for the protest movement, planned reforms and critizism from abroad.

July 27, 2013

Alpine: Financial Difficulties Existed Longer Than Assumed So Far

The crisis of insolvent construction company Alpine goes back much farther than assumed so far. The company had problems in 2009 already to settle invoices.

July 27, 2013

Hypo Group: Massive Losses in Italy

The Italian affiliate of Austrian problem bank Hypo Alpe Adria has notched up considerable losses.

July 25, 2013

Poland: Opposition Calls for Parliamentary Inquiry

PiS chief opposition calls for parliamentary inquiry into public finances.

July 24, 2013

Voestalpine: Cartel Proceedings Finally Settled

voestalpine AG response to the German Cartel Office's rail cartel announcement issued yesterday.

July 24, 2013

Alpine Inable to Pay in Mid-2012 Already

Former CFO supposed to have asked Spanish parent company FCC for liquidity assistance in the amount of € 115m, otherwise “we are dead”.

July 24, 2013

Dispute about Ina in Hungary and Croatia Escalates

The Croatian prosecution is once more investigating due to bribe payment to former Prime Minister Sanader. Head of Mol, Hernadi, is faced with a possible detention order.

July 11, 2013

Turkey: Gezi Protests Claim Fifth Life

A 19-year-old, who was seriously injured during the protets against the government in Turkey, has died in hospital. The number of fatalities has now risen to five, according to press agency Dogan.

July 10, 2013

Alpine Bankruptcy Hits Clients Hard

According to real estate experts problems for home builders have just started.

July 10, 2013

Turkey: Government Alleged to Have Known About Project Fail

A week before the forceful clearing of Gezi Park in Istanbul, the Turkish government was supposed to know about the fact that it had lost before court with its constructions plans. Protests went on, despite of that.

July 5, 2013

Turkey: Court Forbids Reconstruction of Taksim Square

Controversial construction project led to protests and brutal police force.

July 3, 2013

Alpine Holding: Insolvency Proceedings Now Official

The insolvency proceedings for Alpine Holding have now officially started at the Commercial Court in Vienna. Liabilities come at € 700m.

July 2, 2013

Hypo Group and BayernLB Keep on Fighting

Hypo Group responds to the BayernLB’s lawfile at the Regional Court in Munich. Both banks will not give up their very hard stance.

June 26, 2013

Austria: Deputy Govenor Duchatczek Steps Back

After 37 years of service Duchatczek resigns from his position as Deputy Govenor of the Austrian National Bank (OeNB).

June 25, 2013

Raids at Hypo Group in Italy

Because of suspicions of tax fraud Hypo Group’s affiliate in Udine was searched by the Italian police.

June 25, 2013

EVN Arbitration Proceedings Against Bulgaria to Start

EVN AG commences investment treaty arbitration against the Republic of Bulgaria.

June 21, 2013

Austria: Investigations on Loan to Alpine

Apparently ailing bank Hypo Group plays a role in the bankruptcy of Austrian construction company Alpine. The bank is supposed to have granted a bridge loan.

June 21, 2013

Hypo: Deal with Russian Oligarch with “Proper Mortgage”

The investigations into money laundering at the Federal Criminal Office concerning the business with Russian oligarch Vladimir Antonov were brought to an end without any results. There were no arms among the securities.

June 20, 2013

Czech Republic: Nemcova Nominated As Prime Minister

Petr Necas’ handed in his resignation on Monday after a bribery scandal.

June 19, 2013

Hypo Group: Business With Russian Oligarch

Austrian magazine „News“ unveils a remarkable business connection of Hypo Group from 2008.

June 19, 2013

Austria: Deputy Govenor of OeNB Suspended

Deputy Govenor of Austrian National Bank Duchatczek is suspected of bribery.

June 19, 2013

Lopatka: "EU Enlargement is a Driver for Reforms and Rule Of Law"

State Secretary Lopatka on DARUM EUROPA information tour.

June 18, 2013

Poland: Deputy Transport Minister Dismissed

Former Deputy Transport Minister alleged of corruption. Austrian construction company Alpine involved.

June 18, 2013

Czech Republic: Necas Steps Back

Czech Prime Minister Petr Necas draws the conclusion from his corruption scandal and announced to step back.

June 17, 2013

Turkey: Protests About to Escalate

Further unrests after forceful clearing of Gezi Park.

June 17, 2013

Czech Republic In Turmoil Over Corruption Scandal

The Czech Republic’s political landscape is in turmoil due to the scandal. The investigations have begun on Thurday with country-wide raids. More and more bizarre details seem to appear.

June 14, 2013

Turkey: Erdogan Gives In

In the dispute about Gezi Park in Istanbul, which has led to weeks of protests and even violence, the Turkish government leadership now wants to give in.

June 14, 2013

Dispute About Tender for Orient Express

The Orient Express once led through Romania. These days, this section is cause for legal disputes in connection with the tender in the amount of € 330m.

June 13, 2013

Turkey: Erdogan Considers Referendum

After international criticism was voiced for the use of tear gas by the Turkish police against tens of thousands of demonstrators, Prime Minister Recep Tayyip Erdogan raised the issue of a referendum.

June 13, 2013

Turkey: Taksim Square Forcefully Cleared

Protests expected to continue despite of severe measures.

June 12, 2013

Serracchiani: „Will Do Everything I Can“

In an interview with Austrian newspaper “Kleine Zeitung“ Debora Serracchiani, new regional president of the province Friuli in Italy announced to do everything so that Hypo Group Italy will survive.

June 11, 2013

Hungary: Fifth Amendment of Controversial Constitution Planned

The controversial Hungarian constitution is supposed to be changed for the fifth time since the EU Commission threatened the country with infringement proceedings.

June 10, 2013

Oresharski: Things Were Never So Bad in Bulgaria

One week after assuming office, Bulgaria’s new Prime Minister Plamen Oresharski announced that the social and economic situation in the country has reached an all-time low.

June 5, 2013

Austrian Justice Minister to Support Serbia’s Approach to EU

Austria to enhance transfer of know-how in regard to the fight against corruption.

June 5, 2013

Slovenia: Ex PM Convicted in Patria Case

Former Slovenian Prime Minister Janez Jansa was convicted of bribery on Wednesday in Ljubljana.

June 5, 2013

Latvia: Euro to Be Introduced 2014

Latvia will be able introduce the Euro on January 1 2014. According to diplomats, this is what the EU Commission will recommend on Wednesday in Brussels.

June 4, 2013

Austria: Fekter Signed OECD’s Multilateral Assistence Agreement in Tax Matters

Fekter described the signing as a “further important step in the fight against tax evasion and tax fraud”.

May 29, 2013

Bulgaria: Parliament to Vote On Government

This morning, the Bulgarian parliament has started a session for the voting on the new government.

May 29, 2013

Austrian Top Banker to Appear in „Offshore-Leaks“

For the first time, a European top banker appears in the “Offshore-Leaks” database. CEO of Raiffeisen Bank International (RBI) Herbert Stepic is coming under massive pressure.

May 23, 2013

Bulgaria to Table Bill of Amendments in Energy Sector

New regulations will be drafted when caretaker government leaves office.

May 23, 2013

“Ukraine's European Choice Is Irrevocable”

The strong pro-European civil movement in Ukraine made the country’s European choice irrevocable, declared the head of the EU Delegation to Ukraine Jan Tombinski

May 21, 2013

Croatia‘s and Hungary‘s Fight About Oil Company Ina

The dispute between core shareholders of Croatian oil producer Ina has started anew.

May 17, 2013

Bulgaria’s Election Winner To Annul Results

GERB party, winner of the early presidential elections in Bulgaria, announced to file a lawsuit before the Constitutional Court.

May 16, 2013

Alpine: Dispute in Poland About to Escalate

A dispute about the construction of a bridge has intensified. The construction company Alpine has withdrawn from the contract for the building of a highway segment in Poland.

May 15, 2013

Austria: EU Competition Authority to Search Agrana

The European competition authority has paid a visit to listed starch and sugar producer Agrana in April.

May 15, 2013
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