Commercialisation Bank: balance sheet scandal, in Burgenland, Austria

Invented savings deposits, air bookings, fictitious loans, allegations of accounting fraud and breach of trust are the ingredients in the debacle of the Burgenl

Commercialisation Bank: balance sheet scandal, in Burgenland, Austria

Invented savings deposits, air bookings, fictitious loans, allegations of accounting fraud and breach of trust are the ingredients in the debacle of the Burgenland commercialisation of the Bank. More than half of the total balance sheet of mid-July, the authorities blocked a regional financial institution of more than EUR 800 million is to be invented, recent estimates indicate damage of up to almost 700 million Euro. Meanwhile, the justice determined. The accused's long-standing Chairman Martin Pucher - he was also President of the now also in troubled SV Mattersburg - has shown himself, before he resigned as Bank Chairman. The presumption of innocence applies.

Michaela Seiser

Economics correspondent for Austria and Hungary, with headquarters in Vienna, Austria.

F. A. Z.

Meanwhile, the Bank is had to the elimination of the mid - nineties, after a dispute on the Revision of the Raiffeisen group - in the bankruptcy. For the payment of credits affected savers lock is immediately with the Bank, the Deposit insurance stepped in, up to 100,000 Euro per customer are covered. Anyone who has put in more money, including companies with Tens of millions of euros in deposits, is likely to see nothing more of it.

The damage is now calculated to be around twice as high as originally assumed. In the case of a balance sheet total of nearly 800 million and the actual deposits of around 490 million euros, which is a considerable order of magnitude. Much of the money was to be invested in the profitable operation of a money house. According to Reports in the Austrian media, more and more in the form of fictitious loans to scuba diving. Of the Deposit insurance so far, 370 million euros were transferred to approximately 9 800 customers. The Deposit guarantee comes with an estimated half a billion euros in spite of the smallness of the institution in a measure for the Wear, as it was in Austria have never been the case.

Updated Date: 05 August 2020, 18:19

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