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KHG denies wifey�s Swarovski job offer

Former Finance Minister Karl-Heinz Grasser has denied he wants a job with crystal manufacturer Swarovski, linked to his wife Fiona Swarovski.

Grasser�s spokesman Manfred Lupuschitz said today (Weds) that Grasser, currently on vacation in the Maldives, "has never had any interest in any kind of job at Swarovski."

The Vienna daily Der Standard had reported today that Grasser�s wife Fiona Swarovski and her mother Marina Giori-Swarovski wanted Grasser put on the board.

The newspaper added that long-time firm chief and largest shareholder Gernot Langes-Swarovski opposed a seat on the board for Grasser. Der Standard noted that Langes-Swarovski had usually gotten his way on business issues.

Lupuschitz confirmed rumours that Grasser would soon leave Meinl Power Management (MPM). The spokesman added Grasser had waited so long to do so because he had wanted the firm to be a success.

Lupuschitz denied Grasser would have nothing to do after leaving Meinl, noting the former minister had his own consulting firm, Value Creation, that had many important clients.

Rumours about a seat on Swarovski�s board for Grasser may have arisen because of his intention to leave Meinl Power Management (MPM), where he reportedly pocketed 1.2 million Euros last year.

The Vienna daily Kronen Zeitung said in yesterday�s (Tues) report on Grasser, who has been given the moniker "Sunny Boy" by some Austrian journalists, that MPM was the "external manager" of Meinl International Power (MIP) based in Jersey. MIP has since become Power International (PI).

The newspaper said MPM had received eight million Euros for its services last year, with half of that covering a variety of costs and the other half paid to its managers. Meinl Bank received two-thirds of the second half, with Grasser pocketing one-third of it - six times the amount a federal minister makes annually.

If Grasser does leave MPM, it may be because the former finance minister does not want to be perceived as guilty by association because of his business and, perhaps, personal relationship with Meinl Bank head Julius Meinl V.

Meinl has a big problem because of his role in the case of Meinl European Land (MEL), which allegedly engaged in fraud.

Vienna police detained the banker last week after questioning by prosecutors investigating allegations of fraud at MEL, a quoted property group formerly managed by Meinl Bank, which is closely held by the Meinl family.

Austrian public prosecutors approved Meinl�s release the next day in return for surrender of his passport and record bail of 100 million Euros because of the risk he might try to abscond.

Vienna public-prosecution office spokesman Gerhard Jarosch said last week: "Julius Meinl is a British citizen, and it was feared, on the basis of previous investigations and new evidence, that he might try to flee from justice."

The arrest followed raids on Meinl's home and offices in February and came amid deepening anger among retail investors about the performance of investment funds associated with the millionaire banker.

Meinl was charged with breach of trust, the charging of excessive fees and fraud in relation to MEL.

Austrian Times

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Tag cloud:
business Vienna Swarovski Minister banker Lupuschitz fraud International Austrian spokesman Bank newspaper Langes Euros Management Grasser Julius prosecutors Meinl Creation

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