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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
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
Raids at Ukrainian Affiliate of Bank Austria
Ukrsotsbank in Kiev was searched on Friday due to unclear ownership structures of non-performing loans which led to disputes between banks and clients. Within the Unicredit Group Bank Austria is responsible for banks in Eastern Europe.
September 25, 2013
Serbia: EU Screening in Late September
Serbia’s EU accession explanatory screening will start in Brussels on 25 September.
September 24, 2013
Head of Slovenia’s Chief Bank Arrested
Janko Medja, manager of Slovenia’s most important bank NLB, was arrested because of suspicion of corruption.
September 20, 2013
Austria: ÖVP Rejects Tax Reforms by Social Democrats
Chancellor and Leader of the Social Democrats Werner Faymann is in favor of lower taxes on wages. His model includes reliefs of up to € 1,011 annually. However, coalition partner, the Austrian People’s Party (ÖVP) rejects the plans.
September 18, 2013
EU Commissioner Füle Encourages Albania
EU Commissioner Štefan Füle discusses Albania's path to EU with new PM
September 18, 2013
Barroso: “Albania’s Future Is in The European Union”
President of the EU Commission Barroso is confident about Albania’s commitment.
September 17, 2013
EU Commission to Sanction Croatia
The EU Commission is determined to start sanction against the newest member of the European Union, Croatia.
September 16, 2013
Austria: Liquidity Problems On the Rise
This year, insolvencies and delayed payments are expected cause economic costs of 2.1% of the Austrian GDP.
September 6, 2013
Croatia: New Trial for Pre-Bankruptcy Settlement
Croatia giving fourth chance to reach pre-bankruptcy settlement.
September 6, 2013
Slovenia: Former Prime Minister Accused of Money Laundering
Former Slovenian Prime Minister Janez Jansa’s image is further tarnished as he is alleged of having paid money to a relative’s bank account.
September 6, 2013
EU Commission Threatens Croatia with Sanctions Once More
EU Commissioner Reding has not yet resolved the issue with Croatia. She announced to expect an easy change of the law.
September 5, 2013
President of Ukraine Presses for Faster Progess
President Yanukovych urges the parliament to adopt laws for a faster progress to the country’s European integration
September 5, 2013
Alpine: Creditors in Austria and Poland Claim Refunds
Not only the labor market in Austria is burdened but also thousands of creditors have invested in bonds of the construction company and are now facing enormous losses.
September 4, 2013
Croatia Backs Down in EU Arrest Warrant
In the dispute about the extradition of a retired officer of the secret service to Germany, Croatia now seems to back down to the pressure put on by the European Union.
August 28, 2013
Alpine: Former Employees to Receive Wages
Almost 5,000 former employees of bankrupt construction company Alpine can feel relieved as this week the insolvency contingency fund will start with settlements. However, creditors will only be given a rate of five percent.
August 27, 2013
EU Commission Threatens Croatia with Sanctions
Only a few weeks after its EU Accession, Croatia is facing threats of sanctions by the EU Commission.
August 26, 2013
Austria: Debts of Alpine Increase to € 3.7bn
Gerhard Weinhofer of creditor protection association Creditforum counts with a “micro quota” for creditors of bankrupt construction company.
August 23, 2013
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