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The latest findings indicate that the company was insolvent much earlier than the actual insolvency application took place. A new expert witness from the insolvency proceedings suggests that ALPINE Bau was insolvent long before the actual insolvency application in 2013. Investors investing in 2011 and 2012, in particular, would not have suffered any harm, because the bonds would have not been issued. This also applies to the secondary market. This ever-condensing accusation also addresses a wider circle of potential liable Persons. In addition to parent company FCC, apparently taking the lead in managing the company, which has been sued by our law firm in 2014, also the former management and auditor Deloitte are potentially liable.

Please use the non-binding registration form below. We are currently in discussions with a British litigation funder. The international approach of our law firm helps to pursue the claims across the EU. The result of the expert's report in the criminal proceedings is decisive for funding. A litigation financing agreement will be available only after the criminal proceedings have been submitted the expert report.

 

Have you suffered losses because of investment of capital into bonds of ALPINE Holding GmbH?
Background

In 2013 one of the largest Austrian construction companies went bankrupt after an unprecedented expansion course. In previous years, the Group's parent company ALPINE Holding GmbH had provided liquidity, among other things, through corporate bonds. At the time of the issue, the liquidity and financing situation of the Group was presented as solid. Whether this was the case is the subject to criminal proceedings AZ 19 St 43/13y, pending since 2013.

There is the suspicion that investors were deprived of essential information.

The economic and corruption prosecutor’s office is currently conducting an investigation against ALPINE and the FCC Group (parent company of ALPINE) as well as the auditor Deloitte Audit Wirtschaftsprüfungs GmbH. 

New information from the criminal procedure

The commercial Court Vienna has commissioned the preparation of an expert opinion. This report is intended to clarify when ALPINE Bau GmbH was over-indebted and unable to pay his obligations. The commissioned expert noted that the expected earnings from the construction projects were not shown correctly in the balance sheet. In case of a correct presentation the company was over indebted since 2009, according to the expert. If the ALPINE Bau had disclosed the actual asset situation, it would have been difficult to imagine that ALPINE Holding's bond would have been well received by the market in 2010. Without this bond ALPINE Bau may have been insolvent in the second or third quarter of 2010. Furthermore, the expert assumes that no further financing by banks or third parties would have been obtained. The expert concludes that the ALPINE Bau was insolvent at the latest on 30 November 2010.

It remains to be seen which conclusion the expert report from , RA MMag. Gerd Konezny draws, which is expected to be available in 2017.

Which possible actions are available?

To assert your claims the following actions are available: to join the criminal proceedings as private participant or filing a civil lawsuit.

Join the criminal proceedings

It is possible to join the criminal proceedings through a write (Joinder). The advantage of a joinder according to § 65 StPO is clearly the interrupted statute of limitations against those who face the criminal proceedings.

In general through the joinder the probability of interruption of the statute of limitations are high and thus - even without having to undertake a civilian process - the chances of a agreeing on a settlement with the damages (which are also accused in the criminal proceedings) are given. The companies concerned – in particular FCC as the parent company of ALPINE and the die Deloitte Audit Wirtschaftsprüfungs GmbH could have an interest in regulating the loss. However, it should be pointed out that the law on the effect of private participation is in flux and changes are possible. Furthermore, it cannot be ruled out that claims are already time-barred.

While drawing up the write, we have to examine the individual damage suffered. In light of the damage suffered the costs of a joinder are reasonable. We expect an effort of three to a maximum of five hours. The hourly rate of our office is € 300, - plus VAT and any cash expenses. Billing is performed on the basis of the actual time expenditure.

Lawsuit against FCC or Deloitte Audit Wirtschaftsprüfungs GmbH

We are of the opinion that the claim for compensation for the loss incurred by the investment into ALPINE Bonds can in general be based on - if the prerequisites are met - capital market law (§ 11 KMG), general civil law (§ 1300 ABGB), accounting law (§ 275 UGB) and company law (§ 65 GmbHG iZm Jurisprudance piercing the corporate veil, RIS-Justiz, RS0009107). However, a first legally binding judgment is not yet available, and a civilian process per se is risky and, in particular, dependent on the free judicial evaluation of evidence. If you are interested in a claim, we would be pleased to advise you personally.

What is the next step?

We recommend you to make a non-binding contact with the firm and indicate the type of service you are interested in, by completing the form below. The engaging of the law firm will be carried out separately.

 

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