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Austrian prosecutors raise breach of trust charges against Meinl Bank chair

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Austrian prosecutors raise breach of trust charges against Meinl Bank chair

Prosecutors in Vienna have raised charges against the supervisory board chairman and founder of Meinl Bank AG Julius Meinl, executive board member Peter Weinzierl and a third unnamed person, Die Presse reported Dec. 19.

The authorities are accusing the trio of breach of trust between April 2009 and August 2010. During that period, Julius Meinl is accused of using bank funds to pay for private investigator services that were for personal purposes and in no way related to the bank's business. Weinzierl and the other person, in their managerial capacity at the time, allowed this to happen, the authorities said.

The estimated damages to Meinl Bank as a result of these actions stand at approximately €883,500, according to the report. The charges are still not legally valid as there is a 14-day period during which the managers may submit an appeal, it said.