Austrian Times RSS FeedsLike the Austrian Times Facebook page!Follow us on Twitter!


Events for March
M T W T F S S
23 24 25 26 27 28 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 31 1 2 3 4 5
Add your event FREE

Today

Videos


BurgKino

Pub Quiz everyTuesday at Johnny's Pub

Popular in Austria


Cosmo&Nanu

Austrian Robin Hood ready for jail over bank loan row

In an ongoing battle with the Austrian Financial Market Authority (FMA) over crowdfunding the shoe entrepeneur Heini Staudinger has said that he will not back down and he is prepared to go to prison.

Staudinger believes that businesses should be independent from bank loans and freed from debt. Since 1999 he has been able to collect 3 million euros from family, friends and customers, providing them with suitable interest rates and reliable repayment. As security, Staudinger has two warehouses worth 4 million euros and a further two in construction.

Staudinger’s reluctance to comply with the FMA has placed him at the head of a movement to legalise crowdfunding and give businesses the option to not use banks. This has led many to refer to him as "the Robin Hood of the twenty-first century".

The FMA argue that such large loans need to be categorised as professional loans and as Staudinger refuses to give in to the FMA he may face a fine of 50,000 euros.

A recent podium discussion involving many businesses and representatives from solar power initiatives, organic production companies and non-governmental organisations which was also broadcast online, has gained Staudinger much support and an online petition for his cause is growing fast.

Staudinger is currently preparing for a meeting with the President of the Chamber of Commerce Christoph Leitl, about which he said: "Of course we are ready to talk. We will discuss the fact that as citizens we have the right to decide what we do with our money."

He continued: "We have a parliamentary citizens’ initiative which should clarify whether or not we are a bank. The FMA are certain that we are a bank and we say that this is absurd because we make shoes and matresses. The money that people borrow from us is strictly for the development of our company, whereas the bank would take our money and turn it into credit in order to make a win."

Staudinger also argued that banks are reluctant to give loans to small innovative companies and that crowdfunding would allow people to invest directly into whichever businesses they choose, without the need of a middleman.

When asked in an interview whether he was scared of the fines imposed by the FMA, Staudinger said: "I’m not scared at all. Our members magazine is called "Don’t fear". I have written this from my heart. I have hope in reason."

On the topic of his possible imprisonment Staudinger joked: "I’m sure it goes without saying that I work so much I can imagine that spending some time there would do me some good."

Staudinger insisted that his battle with the FMA has not been bad for business: "We’ve never had so much support and our shoe sales are better than ever."

Austrian Times


Are you on Facebook? Like the Austrian Times on Facebook and win great prizes!


Cosmo and Nanu
ORF Watch

Tag cloud:
money  euros  bank  loan  scared  Robin  Leitl  rsquo  currently  Hood  discussion  Christoph  initiatives  Commerce  crowdfunding  Austrian  Staudinger  businesses  reluctance  online

Latest News

 

Semmering Offers 50% Discount To Selected Heroes
The Magic Mountain Semmering will hold two Weeks of Heroes from 1st to 14th March as Panhans Holding Group says thank you to safety and well-being volunteers and professionals.

Skier Survived Almost Two Hours Buried Alive
A skier had a miracle escape after being buried under two metres of snow for nearly two hours during an avalanche in Austria, it was revealed last night.

Puppies Found Stuffed Inside Suitcase In Back Of Van
A litter of puppies destined for a dog farm was rescued after being found stuffed inside suitcases in the back of a van.

Kangaroo That Hopped It Spotted In Garden
Austrian police investigating reports of an escaped kangaroo have been given concrete proof after a local woman managed to photograph the animal in her back garden.

First Images Of Eurovision Stage
These are the first images of the design for the Eurovision Song Contest stage unveiled in the Austrian capital Vienna which is the home of last year's winner Conchita Wurst.

Russian Mafia Boss Nabbed At Vienna Railway Station
A Russian mobster wanted for a string of brutal murders was arrested in the gentile Austrian capital Vienna when commandos swooped as he went to buy a train ticket.

Teen Girls Arrested After Offering Themselves To IS Fighters
Austrian officials who recently cracked down on terrorism by arresting several people believed to be recruiting and fundraising for ISIS have revealed two more teenage girls tried to leave the country to marry terrorist fighters.

Ebola's deadly reach impacts Vienna student
Austria has yet to record its first case of Ebola, but the feared virus has already had a severe impact on the lives of Africans living in Vienna.

Grigorij Sokolov Works His Magic At Vienna Konzerthaus
Whilst the world-famous Wizard of Oz played at the Volksoper, there was another Wizard in the Konzerthaus giving his 16th performance in Vienna!

Penelope Cruz To Play The Ice Cream Killer
The memoirs of the woman dubbed the Ice Cream Killer after she shot dead two ex-lovers before hacking the bodies up with a chainsaw and telling neighbours the noise was a new ice cream machine are due to be turned into a blockbuster with Penelope Cruz playing the lead role.

 


Mala Vrata

The most popular stories –
last 7 days



Don't moan alone, the Ombudsman Investigates.

Why suffer in silence. Let off steam by letting our readers share your troubles. File your complaints about anything and everything here.

Our ombudsman David Rogers will try and help solve some of the problems from lazy civil servants through to incompetent companies – and at the very least the worst transgressors will end up in our weekly special report.


Austrian Zimmers