Meinl Bank’s Vienna office and 12 other sites were raided last week by a 50-strong police team, as Vienna prosecuting authorities probe the lender over the buyback of 88.8m shares in Meinl European Land in August 2007.
Local sources say the authorities are investigating allegations of fraud and breach of trust. Meinl European Land shareholders are claiming they were not told about the buyback program until after it was completed.
Meinl European Land was last year renamed Atrium European Real Estate after it secured €500m in funding from its new backers, Citi Property Investors and Gazit-Goble.
