Events for April
M T W T F S S
31 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 1 2 3 4
Add your event FREE

Today


Videos


Accomodations in Austria


Cosmo and Nanu

Salzburg_used_State_loan_to_gamble_claim

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





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




Latest News

 

Property price rise continues
The price of property in Vienna has now spiralled so much that every 4th apartment comes with a price tag of 500,000 or more. And every second flat costs 300,000 or more.

Former footballers charged over match-fixing
Austrian prosecutors have charged former footballer Dominique Taboga over allegations of match-fixing, nearly five months after his connection to the scandal was exposed.

Salzburg cheetahs great escape
For the third time in two years a cheetah has broken out from Salzburg Zoo this week.

NGOs calls for Salzburg to act against nitrogen oxide
A consortium of environmental NGOs angry at the excessive levels of nitrogen dioxide polluting the air in the Austrian state of Salzburg have said they will launch legal action against the state unless a change is made.

Nazi Gurlitt family may be hoarding more artwork
The trove of artworks stolen by the Nazis and allegedly hoarded away by art dealer Hildebrand Gurlitt could be larger than previously thought after Austrian officials confirmed the discovery of a third house in Austria belonging to the family.

Further 180 Gurlitt paintings found in Salzburg
A further 180 paintings have been found in the Salzburg home of Cornelius Gurlitt, the son of a Nazi art dealer who made headlines in 2012 when a hoard of artwork was discovered by tax inspectors in his Munich flat.

Swedish woman fighting for life after being run over by snowmobile
A young Swedish waitress is fighting for her life after being run over by a 6.5 tonne snowmobile after deciding to ski down a closed off piste while it was being prepared at the Saalbach-Hinterglemm resort in Salzburg.

Salzburg win the Bundesliga with eight games still to go
Red Bull Salzburg have secured the top title in Austria' football league Bundesliga, the earliest point in the season the winner has ever been decided.

Austrian duped by fake Prince Harry on Facebook
An Austrian tradesman who thought Britain's Prince Harry had contracted him to provide parquet floors at Buckingham Palace is unlikely to have the 27,000 EUR he transfered to a conman returned, according to police.

Salzburg FC look to continue winning streak tonight
Red Bull Salzburg will be hoping to continue their impressive winning streak in the UEFA Europa League with a win tonight against Swiss side Basel.

 


The most popular stories –
last 7 days


Friends and Partners