Which authority is recorded against BAWAG P.S.K.?

The entry is recorded against Vienna Regional Court · FMA, in the Austria jurisdiction, under the theme Off-balance-sheet losses · breach of trust.

What is the current status of this entry?

Status: Concluded — conviction upheld. Last recorded change: 4 July 2008. The matter arose or was first recorded on 1 March 2006.

How was this matter brought to light?

Criminal investigation following ownership change. Each statement in the entry reflects material already published by a named source; nothing beyond those sources is asserted or inferred.

Where can the primary sources for AT-2008-01 be checked?

The entry links to Background record — BAWAG P.S.K..

AT-2008-01 · Austria · 2008

BAWAG: Caribbean speculative losses and the Vienna judgment

Trading losses carried outside the bank's balance sheet led to a Vienna criminal trial and to convictions of former officers for breach of trust and false accounting.

Historic Viennese bank facade, illustrating the BAWAG proceedings — Illustrative image · BAWAG P.S.K.

Institution: BAWAG P.S.K.
Authority: Vienna Regional Court · FMA
Status: Concluded — conviction upheld
Theme: Off-balance-sheet losses · breach of trust
Raised by: Criminal investigation following ownership change
Jurisdiction: Austria
Matter arose: 1 March 2006
Last recorded: 4 July 2008

What the sources record

The losses arose from speculative transactions routed through Caribbean vehicles during the 1990s and were not reflected in published accounts.

The trial opened in Vienna in 2007 and judgment was delivered in July 2008.

The bank was subsequently sold and recapitalised; the Austrian supervisor reviewed its governance framework.

Timeline

2006-03-01
Scale of the historic losses becomes public.
2008-07-04
Vienna Regional Court delivers judgment.

Individuals named in this case

Austria

Court record

Helmut Elsner

Former chief executive, BAWAG P.S.K.

Base · Vienna

Convicted in Vienna in 2008 over losses incurred through Caribbean speculative transactions; conviction upheld on appeal

The Austrian court recorded findings of breach of trust and false accounting in connection with trading losses carried off the bank's balance sheet.

Portrait tile — no licensed photograph held

Record →Case record →Source →

All individuals in the register →

Primary sources

Background record — BAWAG P.S.K.

Questions and answers on this entry

What does register entry AT-2008-01 record?: BAWAG: Caribbean speculative losses and the Vienna judgment. Trading losses carried outside the bank's balance sheet led to a Vienna criminal trial and to convictions of former officers for breach of trust and false accounting.
Which authority is recorded against BAWAG P.S.K.?: The entry is recorded against Vienna Regional Court · FMA, in the Austria jurisdiction, under the theme Off-balance-sheet losses · breach of trust.
What is the current status of this entry?: Status: Concluded — conviction upheld. Last recorded change: 4 July 2008. The matter arose or was first recorded on 1 March 2006.
How was this matter brought to light?: Criminal investigation following ownership change. Each statement in the entry reflects material already published by a named source; nothing beyond those sources is asserted or inferred.
Where can the primary sources for AT-2008-01 be checked?: The entry links to Background record — BAWAG P.S.K..

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