AUSTRIA: BANK BURGENLAND IN DIFFICULTIES
Article Abstract:
Bank Burgenland of Austria, which was on the verge of bankruptcy due to an illegal credit to the Howe group, has been rescued by a Sch 2.35bn guarantee from the state of Burgenland. The state is a major shareholder of the bank together with Bank Austria and Wustenrot. In addition to the help from the state, a capital increase is necessary for the bank to survive. The guarantee from the state has been criticised as an illegal subsidy. The European Union is to be informed. The state is planning to privatise Bank Burgenland. Bank Austria is not interested in increasing its stake but is planning to give up its shares. According to experts, it will not be easy to find a buyer for the bank.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2000
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Austria: Decision about Bank Burgenland in 2002
Article Abstract:
After the Austrian monetary institute Bank Burgenland got into difficulties because of the Hom-Rusch-affair, a decision by the federal government will be made by 2002, on whether the monetary institute will be sold to an international investment trust or a strategic partner will be incorporated. With the decision the federal government wants to lighten its budget, that would be charged due to the federal liability.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
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Austria: Burgenland bank to sue auditors
Article Abstract:
Austrian company Bank Burgenland is to sue its auditors Deloitte & Touche of Switzerland and Ernst & Young of the US following the bankruptcy of the Howe/Hom Rusch Group. According to a statement by Professor Christian Nowotny of Vienna University the bank can sue the auditors for failing to provide due diligence. Bank Burgenland belongs almost exclusively to the Austrian province of Burgenland.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
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