London, WEDNESDAY - The Government of Austria will soon hand down and hold control of the Medici Bank based in Vienna, as a consequence of the scandal Madoff also affect the bank.Austrian newspaper, Der Standard, on Wednesday (31/12), reported, according to sources at the bank, the bank that was founded and owned most famous banker Sonja Kohn will be welcomed if the government action is done and will work with the government. However, disclosed, the Bank Medici has not been officially informed about it.
Kohn reported a number of Austrian media have very close relationships with financial managers Bernard Madoff, that the financial sector in the U.S. because of alleged large-scale scandals that do. If happens, it will be the first case, in which the government forced down a hand to overcome the difficulties of a bank associated with the scandal Madoff, who is suspected of money involving 50 billion U.S. dollars is.
Sources also rejected explain how large losses related Medici Bank scandal is. Some 25 percent owned by UniCredit shares Medici Bank Austria.
Funds dilarikan
Medici bank said early this month, they have some products affected by the alleged irregularities conducted Madoff, but emphasized that the effect is not large because the bank has a strong capital base. However, according to Der Standard and the Financial Times, the impact of damage from scandals Madoff was greater than originally estimated.
Medici bank early last month explains, two of postal funds, Herald and USA Fund Herald Luxembourg Fund, with a total volume of 2.1 billion U.S. dollars, involved with the alleged irregularities that made it Madoff although not mentioned how much funding is problematic. Standard said, the government of Austria will appoint a representative to sit on the management of the bank in the next few days. That means the bank can not take important decisions without government.
In the U.S., the investigation of the scandal Madoff expanded to the financial sector overseas, which is suspected to be hiding place funds problematic Madoff.
The federal investigators began to deepen the role of funds abroad that are likely to be used in such a way to avoid tax charges in the U.S.. There are strong allegations, the profits from the investment Madoff planted in the U.S. has dilarikan to the outside to avoid U.S. taxation. Money-money saved is suspected in Europe and the Caribbean. Previously, other European Bank, the Swiss private bank, Union Bancaire Privée (UBP), is also difficult to explain the linkage with the bank's financial manager from New York is.
The Wall Street Journal reported, half of 22 postal funding UBP, which distribute money to customers other financial managers, some placed in the post-post-related investment vehicles Madoff, including one run by Ezra Merkin A creditor of the company car, GMAC LLC.
Scandal is also more widespread with the involvement of actors Kevin Bacon and his wife, Kyra Sedgwick. Spokesman Bacon, such as the Times Online reported, confirming that these actors memercayakan some funds to Madoff, but not explained in more detail.
Kohn reported a number of Austrian media have very close relationships with financial managers Bernard Madoff, that the financial sector in the U.S. because of alleged large-scale scandals that do. If happens, it will be the first case, in which the government forced down a hand to overcome the difficulties of a bank associated with the scandal Madoff, who is suspected of money involving 50 billion U.S. dollars is.
Sources also rejected explain how large losses related Medici Bank scandal is. Some 25 percent owned by UniCredit shares Medici Bank Austria.
Funds dilarikan
Medici bank said early this month, they have some products affected by the alleged irregularities conducted Madoff, but emphasized that the effect is not large because the bank has a strong capital base. However, according to Der Standard and the Financial Times, the impact of damage from scandals Madoff was greater than originally estimated.
Medici bank early last month explains, two of postal funds, Herald and USA Fund Herald Luxembourg Fund, with a total volume of 2.1 billion U.S. dollars, involved with the alleged irregularities that made it Madoff although not mentioned how much funding is problematic. Standard said, the government of Austria will appoint a representative to sit on the management of the bank in the next few days. That means the bank can not take important decisions without government.
In the U.S., the investigation of the scandal Madoff expanded to the financial sector overseas, which is suspected to be hiding place funds problematic Madoff.
The federal investigators began to deepen the role of funds abroad that are likely to be used in such a way to avoid tax charges in the U.S.. There are strong allegations, the profits from the investment Madoff planted in the U.S. has dilarikan to the outside to avoid U.S. taxation. Money-money saved is suspected in Europe and the Caribbean. Previously, other European Bank, the Swiss private bank, Union Bancaire Privée (UBP), is also difficult to explain the linkage with the bank's financial manager from New York is.
The Wall Street Journal reported, half of 22 postal funding UBP, which distribute money to customers other financial managers, some placed in the post-post-related investment vehicles Madoff, including one run by Ezra Merkin A creditor of the company car, GMAC LLC.
Scandal is also more widespread with the involvement of actors Kevin Bacon and his wife, Kyra Sedgwick. Spokesman Bacon, such as the Times Online reported, confirming that these actors memercayakan some funds to Madoff, but not explained in more detail.
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