Atrium European Real Estate has said that it will pursue a €2bn High Court damages claim against former management.
The Central and Eastern European retail developer’s board of directors has agreed to pursue claims against Austrian–born banker Julius Lindbergh Meinl, his Meinl Bank and his food and drink company, Julius Meinl Aktiengesellschaft. Also named as potential defendants are former MEL chairman Georg Kucian and board members Peter Weinzierl, Stephan Visy, Günter Weiss, Heinrich Schwägler, and Karel Römer.
The claim is for loss and damage allegedly suffered by Atrium in connection with actions taken by its former management before August 2008, when the developer was known as Meinl European Land (MEL). A 2008 takeover by Citi Property Investors and Gazit Holdings saw MEL change its name to Atrium European Real Estate.
An Atrium spokesman said management had decided it was in Atrium’s ‘best interests’ to begin an investigation alongside that of the Austrian National Bank, the Austrian Financial Market Authority, the Jersey Financial Service Commission and the Austrian criminal authorities.
russell.handy@estatesgazette.com
