Sponsored Content
Austrian Economic Legal Issues and Insolvencies
Read the latest headlines about laws, jurisdictions and court decisions in Vienna and Austria with reference to the international interest
Hypo Group: Nowotny to Replace Liebscher
After Liebscher, head of Hypo Group’s task force, announced throwing in the towel Nowotny, Governor of the Austrian National Bank (OeNB), will become his successor.
February 22, 2014
Austria: Investment Banker Part of Hypo’s Expert Group
A former investment banker is supposed to support Austrian government in the Hypo Group issue.
February 21, 2014
Austrian Government Wants International Group of Experts
More and more voices for a parliamentary investigation committee for ailing bank Hypo Group Alpe Adria are being raised even within the SPÖ and the ÖVP. However, the government has other plans.
February 20, 2014
Liebscher: Government Is to Blame
Head of Hypo Group’s Task Force Klaus Liebscher rejects being turned into the scapegoat of delaying important decisions about the downsizing of the problem bank. Instead, he points his finger to the Austrian government.
February 20, 2014
Testimony Against Former Kazakh Diplomat
Today, a press conference about suspected damaged persons by former Kazakh ambassador to Austria, Rahat Aliyev, who is alleged to have disappeared in Malta, will take place at the Media Quarter Marx in Vienna.
February 13, 2014
Austria: Bank Participation for Hypo Off
A participation model with Austrian banks can be ruled out for ailing Hypo Group. Instead, a more expensive version will be applied.
February 10, 2014
FMA: Hypo Group Bankruptcy Incalculable Risk
The government does not dismiss the idea of a bankruptcy of ailing Hypo Alpe Adria. However, the Financial Market Authority (FMA) has expressly warned of this form of downsizing of the state bank.
February 10, 2014
Hypo Group Alpe Adria: Bankruptcy Would Affect Foreign Investors
In case of an unorderly insolvency of the Austrian nationalized lender, not only Austrian creditors would have to absorb losses. The majority of the bondholders are German and Swiss investors.
February 6, 2014
Slovenia: Dispute with Croatia Just Begun
Slovenian Foreign Minister Erjavec announced to continue dispute against Croatia.
January 29, 2014
CEE: Insolvencies Declining But Larger Effect
The number of insolvencies in Central and Eastern Europe (CEE) is declining. However, the individual insolvencies are becoming larger, as reported by French credit insurer Coface.
January 23, 2014
Bank Dispute between Croatia and Slovenia Reappears
Last year Slovenia was ordered in the first instance to pay back the foreign currency deposits of LB’s former affiliate in Sarajevo.
January 22, 2014
Mitterlehner: „Hypo Group Must Not Burden State Budget“
Austria´s Minister of Economics underlined that the Austrian government is looking for an effective and cost-saving solution for the nationalized Lender Hypo Group Alpe Adria.
January 20, 2014
Hungary: Forex Loan Problem to be Solved
According to the Hungarian National Bank (MNB), the problem of the foreign-exchange loans could be solved in the next half year.
January 17, 2014
Austrian State Sues Six Banks
The Republic of Austria filed lawsuits against six lending banks of bankrupt construction enterprise Alpine.
January 17, 2014
Causa Aliyev: Austrian Justice Minister under Pressure
Austrian Justice Minister Brandstetter has registered more former members of the Kazakh secret service than was previously known.
January 16, 2014
Austria: On Verge of Losing Business Attractiveness
The new tax package does not only burden car drivers and smokers but also the economy will have to contribute to the budget with several hundreds of millions of Euros annually.
January 15, 2014
Meinl Bank: Plans of Growth in Czech Republic and UK
Meinl Bank has opened a new subsidiary in Prague. Growth plans for the core business in Central and Eastern Europe is well on its way, according to the bank’s officials.
January 7, 2014
Austria: FMA to Activate Whistleblower Hotline
At the beginning of this year the Financial Market Authority (FMA) in Austria has activated a “whistleblower hotline” for bank insiders to report about potential abuses.
January 3, 2014
Austria Bought Time for Examining Hypo Deal
Austria was granted more time for a possible appeal of the purchase of problem bank Hypo Group Alpe Adria from former parent company BayernLB.
December 23, 2013
Serbia to Receive Pre-Accession Assistance from EU
Today the European Commission adopted the 2013 national programme for Serbia under the Instrument for Pre-accession Assistance (IPA).
December 23, 2013
Austrian SME Suffer from Credit Shortage
The real economy benefits only partly from the low interest rates. According to Creditreform, borrowing becomes more and more difficult for small and medium-sized enterprises.
December 20, 2013
Slovenia: Three Arrestments at NLB
According to Slovenian authorities, three persons in the bank’s environment were arrested because of alleged malpractice.
December 18, 2013
RBI CEO under Suspicion of Prosecution against Corruption
Karl Sevelda, CEO of Raiffeisen Bank International (RBI), is suspected of having sold company’s shares of a commodity trader below their value. The prosecution in Vienna is now searching Sevelda’s office.
December 18, 2013
Austria: Fate of Hypo Group Still Unclear
Only next year the fate of ailing bank Hypo Group Alpe Adria will be determined.
December 16, 2013
Hungary: Good News for Banks in Forex Proceedings
Banks operating in Hungary can feel relieved by the Supreme Court’s judgement.
December 16, 2013
Former Kazakh Embassador Facing Trial in Austria
Rachat Alijew is facing prosecution in Austria because of alleged money laundering. Moreover, a former Austrian Chancellor is suspected of spying.
December 10, 2013
Hypo Alleged of Having Hoarded Assets of Former Serbian Regime
A Serbian NGO suspects assets of former Serbian President Slobodan Milosevic at Hypo Group Alpe Adria. The Austrian bank strongly rejects this allegation.
December 6, 2013
Bank Austria: Massive Case of Customer Data Abuse.
Bank Austria files a lawsuit on the abuse of consumer data as Austrian magazine “News” got hold of data of around 5,000 costumers
December 4, 2013
Dispute about NLB Reignites between Slovenia and Croatia
Damaged savers of NLB filed lawsuit against the bank at the European Court for Human Rights.
November 26, 2013
Hypo Investigations Could Last Several More Years
Yesterday the first court proceeding at the Regional Higher Court in Munich started. Investigations in Austria will take up to four years.
November 26, 2013
BayernLB Lodges Claim of Almost € 5bn
The value in dispute in the legal discussions between German BayernLB and fromer affiliate Hypo Group Alpe Adria runs up to almost € 5bn.
November 25, 2013
Austria:Kommunalkredit Managers Accused of Breach of Trust
Four former managers of nationalized Kommunalkredit (KA) are accused of breach of trust and violating the Stock Corporation Act by the Public Prosecutor's Office against Economy and Corruption (WKStA) at the Regional Court in Vienna.
November 22, 2013
Buwog Aquires Portfolio in Berlin
Buwog has once more acquired apartments at the German real estate market.
November 20, 2013
Hypo Group: Investors Claim Refunds
A group of aggrieved investors in Hypo Group Alpe Adria files claims for damages. These so-called small investors provided amounts from € 30,000 to € 300,000 and feel disadvantaged compared to bigger investors.
November 20, 2013
Lopatka: EU Enlargement Process of Western Balkans Decisive for Austria
“Non-Enlargement” of Western Balkan states would be fatal for Austrian businesses operating in the region and the national economy.
October 31, 2013
Germany: Proceedings against Take-Over of Hypo Group to Start
On Thursday the Higher Regional Court in Munich has decided to admit the prosecution against the take-over of Hypo Group Alpe Adria, which had earlier been rejected by the Regional Court as implausible.
October 28, 2013
“We Need to Pull Down the Iron Curtain in Our Heads“
In an interview with Austrian daily “WirtschaftsBlatt“ Johannes Seiringer, Director of the Austrian office of the European Bank for Reconstruction and Development (EBRD) calls for incentives for enterprises to continue investing in CEE.
October 24, 2013
House Searches at Strabag Subsidiary in Croatia
The corruption scandal at the Croatian Chamber of Economy affects public road authority HAC and construction companies that were commissioned, among them Austrian Strabag and Alpine.
October 22, 2013
Hypo Group Reigned by Greed and Criminal Activities
In an interview with Austrian daily “Standard“ forensic expert of nationlized Hypo Group Christian Böhler revealed that former managers of the bank enriched themselves personally.
October 21, 2013
Solution to Croatian/Hungarian Mol Issue Expected Soon
The Croatian justice has issued an international arrest warrant for the head of Hungarian oil company Mol.
October 15, 2013
Ukraine’s EU Accession: Commission Still Positive
Stefan Füle, EU Commissioner for Enlargement and European Neighborhood Policy underlined once more Ukraine’s significant progress leading the country close to the European Union.
October 14, 2013
Gazprom May Face Proceedings by Austrian OMV
OMV considers arbitral proceedings against Russian Gazprom in case no joint solution will be found.
October 9, 2013
Austria: Alpine Holds € 52m in Assets
Creditors of Alpine have very little chances of being compensated after the construction company declared bankruptcy. Currently Alpine holds € 52m in assets.
October 9, 2013
Hungary and Croatia to Solve MOL/INA Issue
Both Hungarian Minister of Foreign Affairs Janos Martonyi and his Croatian counterpart Vesna Pusic intend to solve the issue between Hungarian MOL and Croatian INA.
October 9, 2013
Austria: Alpine’s Bankruptcy Claims Amount to € 4.15bn
In regard to construction company Alpine’s insolvency, creditors have so far registered claims in the amount of € 4.15bn, as announced by liquidator Stephan Riel in the run-up to Wednesday’s examination hearing.
October 8, 2013
Hungary Rejects Extradiction of Head of Mol
A Hungarian court rejected the extradiction of Zsolt Hernadi, who is alleged of having bribed former Croatian Prime Minister Ivo Sanander.
October 7, 2013
Austria: Downsizing Models for Hypo
Currently, everything revolves around the establishing of a bad bank despite of Finance Minister Maria Fekter’s objection. However, now, after the elections, this issue needs to be resolved.
October 4, 2013
Ukraine: Clashes between Police and Protesters
During a demonstration against the government in Kiev on Wednesday clashed occurred between police forces and around 400 supporters of the opposition.
October 2, 2013
Croatia: Entry into Schengen Important, Not Decisive
Croatia plans to apply for accession to the Schengen passport-free area in two years.
September 27, 2013
Croatia: Major Reforms Required for Economic Upturn
Croatia continues to suffer from recession - its economy has not grown since 2008, contracting in 2012 by 2% and in 2013 by 1%.
September 26, 2013
Fast News Search
This category only
