Austrian Times RSS FeedsLike the Austrian Times Facebook page!Follow us on Twitter!


Events for December
M T W T F S S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4
Add your event FREE

Today

Videos


BurgKino

Pub Quiz everyTuesday at Johnny's Pub

Popular in Austria


Cosmo&Nanu

Salzburg used State loan to gamble claim

A central government loan made to the regional government in Salzburg appears to have been used at least in part for risky financial investment according to local media.

The latest development follows on from the news that millions were invested on financial markets by an alleged rogue trader without the knowledge of her financial superiors.

But while that investigation is continuing it now appears that a credit of 1.7 billion Euro granted by the federal financing agency (OeBFA) is partly used for questionable financial investments. According to Austrian finance minister Maria Fekter of the Austrian Peoples Party (ÖVP) currently 400 million Euro are unaccounted for.

The missing millions were originally borrowed for use by the regional building fund. However, of the 1 billion Euro designated for the fund, only 600 million arrived and are accounted for.

The finance ministry now believes that the missing 400 million Euro have been used for questionable financial speculation, which would be illegal because money borrowed from the OeBFA must not be invested in securities. However, this would not be the first case of such transactions in Salzburg.

Markus Kumpfmüller, the responsible manager for risk assessment at the OeBFA, explained that it is neither the OeBFAs function to supervise the use of the borrowed money on the regional level nor to ask for securities in exchange for the debt.

Austrian Times


Are you on Facebook? Like the Austrian Times on Facebook and win great prizes!


Cosmo and Nanu
ORF Watch

Tag cloud:
billion  OeBFA  millions  investment  securities  missing  government  invested  money  Salzburg  fund  Austrian  unaccounted  minister  Euro  financial  regional  least  borrowed  loan

Latest News

 

Ebola's deadly reach impacts Vienna student
Austria has yet to record its first case of Ebola, but the feared virus has already had a severe impact on the lives of Africans living in Vienna.

Grigorij Sokolov Works His Magic At Vienna Konzerthaus
Whilst the world-famous Wizard of Oz played at the Volksoper, there was another Wizard in the Konzerthaus giving his 16th performance in Vienna!

Penelope Cruz To Play The Ice Cream Killer
The memoirs of the woman dubbed the Ice Cream Killer after she shot dead two ex-lovers before hacking the bodies up with a chainsaw and telling neighbours the noise was a new ice cream machine are due to be turned into a blockbuster with Penelope Cruz playing the lead role.

Kid Left In Coma After Beaten By Teacher For Talking
This is the shocking image of a little Chinese girl before and after she was punished by her teacher - for talking in class.

Freezing Rain Causes Chaos In Central Europe
Freezing weather has arrived in Europe with a vengeance with a layer of ice blanketing parts of Austria, Germany and the Czech Republic and causing traffic chaos.

Holey Smoke As Car Disappears Down Sinkhole
Motorist Wei Hsiao found himself in a hole lot of trouble in China when a giant sinkhole opened up on the road beneath him, swallowing his entire car.

Shock Moment Police Helicopter Explodes On Street
This is the moment a police helicopter exploded into a spinning ball of flame in Chile when a fire truck clipped one of its rotors.

More Than Twenty 100,000 GBP Motors Used In Bridal Convoy
A Chinese couple who wanted to have the most expensive wedding convoy possible arranged for a convoy of top of the range cars including a stretch Hummer followed by Lamborghinis, Porsches and other VIP motors.

Riot Police Star In Downs Syndrome Calendar
Spanish riot police have joined forces with Down's syndrome kids to take part in a special calendar for charity.

Chinese Nuclear Winter Smog Leaves Clinics Full
Fresh proof of Chinese scientists' claims that the country's toxic air pollution resembles a nuclear winter are shown by these images that show clinics and hospitals packed with patients suffering with trouble breathing.

 


Mala Vrata

The most popular stories –
last 7 days



Don't moan alone, the Ombudsman Investigates.

Why suffer in silence. Let off steam by letting our readers share your troubles. File your complaints about anything and everything here.

Our ombudsman David Rogers will try and help solve some of the problems from lazy civil servants through to incompetent companies – and at the very least the worst transgressors will end up in our weekly special report.


Austrian Zimmers