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

Events for October
29 30 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
Add your event FREE




Pub Quiz everyTuesday at Johnny's Pub

Popular in Austria


Immofinanz case before court

In the case of illegal share trades inside the biggest Austrian real estate concern, ex-manager Petrikovics, who claims innocence, is accused of perfidy and the creation of a criminal organisation.

Prosecution accuse Petrikovics, in conjunction with an executive colleague Norbet Gertner and the then chairman of the supervisory body Helmut Schwager, of buying Immoeast-shares following an increase of capital without the consent of the supervisory body – and to have personally profited from the move.

With the help of Ernst Hable, Petrikovics, Gertner and Schwager also allegedly faked options and cashed in under the guise of four Immoeast and Immofinanz actions. These were supposedly conceded in 2004 and 2005 but issued in practice only in 2006.

The four suspects deny the accusations and say they received authorisation from the supervisory body to make the purchases. According to prosecution, the accused "created 32 Million Euros of damages through – partly obscured by helpers – these action-purchases."

The Immofinanz case was also catalyst for the investigations linked to the Bau und Wohnen GmbH (BUWOG) privatisation in 2004.

Investigators discovered a 10-million-Euro provision was made from the successful BUWOG-bidder Immofinanz to the lobbyists Peter Hochegger and Walter Meischberger before the sale went through.

Ex Immofinanz executive Christian Thornton told prosecution the services of an intermediary had indeed been taken up during the acquisition process of BUWOG. Until the investigations no one knew that Meischberger and Hochegger, friends of ex finance minister Karl-Heinz Grasser, had received one million Euros from the winning bidder.

For the last two years, BUWOG has been investigated and traces of the million-Euro provision have been followed to Cyprus and back to an account in Liechtenstein. Suspects' houses were searched and several people were questioned in connexion with this case, yet no one was remanded in custody during the process.

If the criminal proceedings against the malversations only recently began, civil tribunals have been busy documenting the inconstancies in and around what was once the biggest real estate company in Austria for several years.

The trials against the company and external finance advisors have been on the case since the end of 2008. In May 2011, even the Immofinanz Group started civil court proceedings against the then manager.

Austrian Times

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

Cosmo and Nanu
ORF Watch

Tag cloud:
Schwager  supervisory  purchases  Prosecution  estate  Austrian  Immoeast  ndash  executive  suspects  trades  Hochegger  Meischberger  provision  investigations  BUWOG  Petrikovics  civil  Immofinanz  Euros

Latest News


Get Shorty As Confused Bald Ibis Gets Lost Again
A rare bald Ibis that seems to have a different sense of direction to her fellow birds has once again had to be rescued after getting stuck trying to find a different route to the southern Italian feeding ground.

Alpine Trains Venture Into Space As The Final Frontier
Austria’s national railway line the OeBB has raised eyebrows after offering themed toilets including one that is supposed to "look and smell like outer space".

MEP caught In Brit papers Fraud Probe Jailed
A corrupt MEP caught by a British newspaper offering to propose amendments to EU laws in exchange for 100,000 euros a year has been given a three-year-jail term.

Vienna Jihad Girls Want To Come Home
The two Austrian teenage girls who became ‘poster girls’ for the jihad in Syria are now desperate to come home after getting completely disillusioned with their new lifestyles.

Mega-Station Opens
There was a festival atmosphere as Bundespresident Heinz Fischer opened Vienna's new Hauptbahnhof Friday morning.

Apple Truck Causes Traffic Jam
When 24 tonnes of apples are catapulted across a road it can only mean a jam.

Farmer Cleared Over Wolf Shooting
Furious animal rights campaigners have accused an Austrian farmer of lying after he shot dead a wolf that he claimed he thought was a fox.

Rare Bald Ibis Makes Microlight Flight To Italy
The project to introduce an extinct bird back to Europe is hailing success after successfully negotiating a new route over the Alps and training 14 Northern Bald Ibises how to fly south to winter feeding grounds in southern Tuscany.

Pat On The Back From Manure Explosive
A traffic cop in Austria got more than he bargained for after a booby trap covered him head-to-toe in manure as he was trying to catch people speeding.

Viennese Jihad Girl May Have Been Killed
Austrian police say that one of the two attractive young teenage girls who fled the country to go to Syria to fight on the side of Islamic rebels may have been killed.


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