Austrian-based company under investigation

By Christine Herbert

INSPECTORS have been appointed by the Island’s financial services regulator to investigate an Austrian-based real estate company with investments in Eastern Europe.

Meinl European Land Ltd and its strategic management company, Meinl European Real Estate Ltd, are incorporated in Jersey but affiliated to Austrian bank Meinl. Te company is alleged to have breached the Companies (Jersey) Law by boosting its own finances in order to buy its own shares.

The Austrian regulator has this week fined a director of Meinl European Land a total of 100,000 euros for market manipulation, according to a report issued by Reuters. Meinl deny the allegations and are appealing against the decision.

It is alleged that around 1.8 billion euros of share buybacks were last year carried out without shareholder approval. However, at the time it was claimed that because the companies were registered in Jersey the same rules did not apply. The Jersey Financial Services Commission has this week appointed as inspectors its director of enforcement, Barry Faudemer, and senior manager Jason Carpenter. They are asking anyone with relevant information to contact them.

Article posted on 16th July, 2008 - 2.00pm

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