Read the latest headlines about laws, jurisdictions and court decisions in Vienna and Austria with reference to the international interest
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Austrian Economic Legal Issues and Insolvencies

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

Austria: Computer Trader DiTech Declares Insolvency

Viennese hardware computer trader DiTech has slipped into insolvency.

March 10, 2014

Austria: Spindelegger Still Does Not Exclude Hypo’s Bankruptcy

In an interview with daily “Österreich” Finance Minister Michael Spindelegger announced his intention of very carefull examining the task force’s final report about ailing bank Hypo Group.

March 8, 2014

Austria: Calls for Investigation Committee Get Louder

Calls for establishing a parliamentary investigation committee for Hypo Group Alpe Adria, as demanded by the Austrian opposition, are becoming louder.

March 5, 2014

Hypo Group: Decision about Downsizing Expected Soon

At the beginning of next week the final report for the planned downsizing of Hypo Group will be presented.

March 4, 2014

“Serbia Has to Become Economically and Politically Stable”

Prime Minister Dacic promised to continue to follow the path to an EU membership. Former Austrian Chancellor Gusenbauer underlines Serbia’s importance among Western Balkan states.

March 3, 2014

Austria/Ukraine: Bank Accounts of Former Leading Politicians to be Frozen

Austria imposes unilateral sanctions against 18 members of the overthrown Ukrainian regime. Among the high-ranking officals are former president Viktor Yanukovych and his son Oleksander Yanukovych.

February 28, 2014

Hypo Group: “Worst Thing If Government Does Not Make Decision”

According to Felderer, President of the Fiscal Council, a downgrade in the country rating must not be taken “too seriously”.

February 28, 2014

Romania: Ponta Clinging to Leadership

Reforms in Romania will be carried out even if Ponta’s new government’s majority will be reduced in parliament.

February 27, 2014

Austria: “Council of the Wise“ for Hypo Group

Instead of a parliamentary investigation committee the coalition expressed its wish to appoint a “Council of the Wise” for the the assessment of the ailing bank’s nationalization.

February 25, 2014

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