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Friday July 4, 4:47 PMAustrian court finds BAWAG bankers guiltyVIENNA (Reuters) - A Vienna court on Friday found the former head of Austrian bank BAWAG P.S.K., Helmut Elsner, guilty of breach of trust for his role in notching up at least 1.4 billion euros ($2.2 billion) of losses at the bank.Judge Claudia Bandion-Ortner said all eight other defendants in the trial, including fund manager Wolfgang Floettl, were also "guilty" when she started reading out the verdict. She did not immediately say which defendants were guilty of which charge, or what sentences were handed down by the court. State prosecutors have charged the nine with breach of trust or aiding breach of trust, false accounting and fraud over losses run up in a series of risky derivatives trades that began in the late 1990s. (Reporting by Boris Groendahl; Editing by Erica Billingham and Quentin Bryar) |
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