• croatiantimes.com
• romaniantimes.at
• salzburgtimes.at
• viennatimes.at
• austrianindependent.com

Today

• Vienna - Johnny\'s Pub Quiz
• Vienna - Unknown Underground
• Vienna- January and February at the Austrian Film Museum
• Vienna - Art by Petronilla Hohenwarter.
• STOMP at the MuseumsQuartier

07. 04. 09. - 13:00

• more Business news
• RSS Feed Business

07. 04. 09. - 13:00

Elsner offers to pay bail of €2mn

Jailed former BAWAG bank chief Helmut Elsner has offered to pay two million Euros bail in return for release from preventive detention.

Elsner and a number of co-defendants were convicted last year of having defrauded the bank, but their sentences have not yet become legally binding.

He is the only one of them in preventive detention, on the grounds that he might flee from justice if released. Elsner was extradited to Austria from France before his trial after he refused to return voluntarily.

Elsner, who has been held in custody since February 2007 and received a sentence of nine and half years, has unsuccessfully requested release from detention on 10 occasions. The latest request was made in March this year.

His attorney Wolfgang Schubert said today (Tues) Elsner was offering to pay half of his net worth of four million Euros in bail. Schubert contrasted Elsner’s case to that of banker Julius Meinl, who was released from detention last week on bail of one million Euros - one twentieth of his net worth of two billion Euros.

Schubert said: "I will ask the court again today to release Elsner on bail of two million Euros in light of this scandalously-unequal treatment."

The attorney added that he would lodge a number of complaints about Elsner’s treatment at the European Court of Human Rights in Strasbourg, France. The complaints, Schubert said, would include unequal treatment, the length of his client’s detention and denial of his right to a fair trial.

Austrian public prosecutors approved the release of Julius Meinl last week in return for surrender of his passport and record bail of 100 million Euros because of the risk he might go on the run.

Vienna public-prosecution office spokesman Gerhard Jarosch said: "Julius Meinl is a British citizen, and it was feared, on the basis of previous investigations and new evidence, that he might try to flee from justice."

The move followed Meinl’s detention last week after questioning by prosecutors investigating allegations of fraud at Meinl European Land (MEL), a quoted property group formerly managed by Meinl Bank, which is closely held by the Meinl family.

The arrest followed raids on Meinl's home and offices in February and came amid deepening anger among retail investors about the performance of investment funds associated with the millionaire banker.

Meinl was charged with breach of trust, the charging of excessive fees and fraud in relation to MEL.

Austrian Times

Related articles: Meinl

1. KHG denies wifey´s Swarovski job offer

   » Business 2009-04-08

   Former Finance Minister Karl-Heinz Grasser has denied he wants a job with crystal manufacturer Swarovski, linked to his wife Fiona Swarovski.

2. Elsner offers to pay bail of €2mn

   » Business 2009-04-07

   Jailed former BAWAG bank chief Helmut Elsner has offered to pay two million Euros bail in return for release from preventive detention.

3. ‘Sunny Boy’ Grasser pockets €1.2mn for a smile

   » Business 2009-04-07

   Former Finance Minister Karl-Heinz Grasser reportedly pocketed 1.2 million Euros in 2008 for his services at Meinl Power Management (MPM), it has been revealed.

more related articles tagged "Meinl"

Burgtheater stages Tennessee Williams hit
A German version of Tennessee Williams’ most popular play is now on at the Burgtheater.

Electricity supplier switch barriers to disappear
People’s Party (ÖVP) Economy Minister Reinhold Mitterlehner has promised a further reduction of bureaucratic obstacles for people planning to change their electricity providers.

Erste Bank expert optimistic about Hungary
The chief analyst of Austria’s biggest bank has said chances for a political agreement about the difficult economic condition of Hungary are good.

Greens write off debt brake accord
Greens chairwoman Eva Glawischnig has claimed the government stopped being interested in adding a debt brake to the constitution.

007 health worries Lugner
Richard Lugner has expressed concerns about Sir Roger Moore’s health.

Coalition close to cutback consent
Social Democratic (SPÖ) State Secretary Andreas Schieder has confirmed that the government reached the final stage of its savings package talks.

End of austerity package talks in sight, says Khol
A People’s Party (ÖVP) board member has claimed that the upcoming savings package would be presented within the coming days.

The Loo-vre Gallery
A group of artists have declared independence for 25 toilets put up in Karlsplatz in Vienna, Austria and have used the 3 foot square interior to build their own mini kingdoms.

Food discounts with new ZOOcard at Schönbrunn
The new ZOOcard at Schönbrunn Zoo in Vienna, Austria is offering more discounts and foodie concessions than ever before to its regular visitors.

Organic door to door
For almost a month now a company in Burgenland, Austria have been carrying out door to door organic deliveries. The new venture entitled "BioSchatzkistl" puts together boxes of fresh organic food products and brings them right to your door.