By Oisin Sweeney •
Published: 05 Dec 2020 • 7:13
AUSTRIA’s former finance minister has been jailed for his role in a massive corruption conspiracy that saw over 9 million euro paid in bribes.
Karl-Heinz Gasser was among 14 defendants charged in a Vienna court for money laundering, embezzlement, falsification, and receiving bribes. Prosecutors proved that Grasser, who was Austria’s finance minister between 2000 and 2007, passed information about a lucrative housing sale onto another company.
The state was selling 60,000 publicly owned apartments to the private sector, with Grasser and his associates receiving about 9 million euro in kickback bribes for allowing another company to raise their bid just high enough to win the contract. The massive portfolio of properties was bought for 961 million and was worth three times more within just a few years. Grasser and two colleagues received 10 percent of the figure in bribes paid into their Liechtenstein bank accounts.
‘Those who do business honestly do not need any accounts in Liechtenstein’, said the cases’ judge, ruling that the property deal was ‘achieved through bribery and was only possible because of the intentional abuse of authority’ by Grasser. The former minister, once famous for his relative youth and jet-set lifestyle, was sentenced to 8 years
Thank you for taking the time to read this news article “Austrian ex-Minister Jailed for Massive Corruption Conspiracy”. For more UK daily news, Spanish daily news and Global news stories, visit the Euro Weekly News home page.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don't already have one. Review our
Oisin is an Irish writer based in Seville, the sunny capital of Andalucia. After starting his working life as a bookseller, he moved into journalism and cut his teeth as a reporter at one of Ireland's biggest news websites. Since joining Euro Weekly News in November, he has enjoyed covering the latest stories from Seville, Spain and further afield - with special interests in crime, cybersecurity, and European politics. Anyone who can pronounce his name first try gets a free cerveza...
Download our media pack in either English or Spanish.