Karl-Heinz Grasser Files for Personal Bankruptcy

He filed a request for a debt settlement procedure at the district court in Kitzbühel on Wednesday, as reported by the Credit Protection Association of 1870 (KSV). 

Grasser was definitively sentenced by the Supreme Court (OGH) at the end of March and must serve four years in prison. Together with Walter Meischberger, he must pay 9.8 million euros in damages to the Republic of Austria.

The Background of Karl-Heinz Grasser

The court is now examining whether the conditions for insolvency are met. As the KSV further explained, no further information is available at this time.

Grasser was the main defendant in the so-called Buwog case and was convicted of breach of trust and accepting gifts. The largest corruption trial of the Second Republic involved, among other things, the sale of 60,000 federal apartments to Immofinanz in 2004. The losing bidder, CA Immo, had offered just 1 million euros less for the apartments. It only became apparent a few years later that the privatization might have been manipulated, when it was revealed that two of Grasser's friends - the former lobbyists Walter Meischberger and Peter Hochegger - received 9.6 million euros in commission.

(APA/Red.)

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