In the dispute between UniCredit Bank Austria and the Bank für Kärnten und Steiermark (BKS), the Supreme Court (OGH) has now decided against Bank Austria. The court rejected the appeal filed by the UniCredit subsidiary against a decision of the Graz Higher Regional Court (OLG) from August last year, the BKS announced on Friday.
In the specific dispute, Bank Austria wanted to demand that BKS carry out a special audit at the 2019 Annual General Meeting, which was to include all capital increases since 1994. The AGM refused, while Bank Austria brought an action for rescission at the Klagenfurt Regional Court. This was rejected in February 2020. The bank then appealed to the Higher Regional Court of Graz, which was also rejected. Bank Austria then called the Supreme Court.
But now the highest instance has also decided against the UniCredit subsidiary. In December, in a similar procedure against BTV, the implementation of a special test was rejected.
Bank Austria said on Friday about the ruling against BKS: “The current ruling by the Supreme Court has only ruled against the implementation of a special audit at BKS still pending in the courts. “
BKS CEO Herta Stockbauer, on the other hand, sees the judgment as reinforcement of the position of the 3-Banken Group in the dispute with Bank Austria. “Legally, the arguments used by UniCredit are not tenable. The harmlessness of the mutual holdings within the 3-Banken group has been regularly and comprehensively checked and confirmed by the most respected legal experts for decades,” it said in a broadcast on Friday.
The conflict with BKS is only part of the dispute that has been going on for several years between Bank Austria and the 3-Banken Group (Oberbank, BTV, BKS). Among other things, the issue here is that Bank Austria considers the capital increases within the group to be ineffective. Due to the close links between the three institutes, they financed themselves and sent the money for the capital increases in a circle, according to the allegation. This accusation has been repeatedly rejected by the 3-Banken Group.
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WEB https://www.unicreditgroup.eu
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