Business World

Tuesday 24 April 2018

Nine charged in Austrian bribe case

ViennESE prosecutors have charged nine people, including the deputy governor of the Austrian National Bank, over suspected bribes in banknote contracts with Azerbaijan and Syria.

Wolfgang Duchatczek (63) and the other suspects face charges of abetting breach of trust, bribery, money laundering and other crimes. The central bank said Mr Duchatczek, who is chairman of the central bank's banknote printing unit, would not speak to the media.

ROYALTY'S ELAN BID KEPT ALIVE BY COURT

Royalty Pharma's $6.7bn (€5m) offer for drug company Elan has been kept alive following a High Court order yesterday.

Judge Peter Kelly granted an injunction pending the outcome of a full legal challenge to a decision of the body which monitors takeovers of companies – the Irish Takeover Panel. The panel had not objected to the injunction, which applies pending the outcome of judicial review proceedings by Royalty. This is over the panel's decision of June 6 last requiring Royalty to lapse or withdraw its offer if any of four resolutions are passed at an EGM of Elan next Monday.

WATCHDOG'S NIB APPEAL WITHDRAWN

THE Director of Corporate Enforcement has withdrawn an appeal against the High Court's refusal to make a disqualification order against a former senior manager with National Irish Bank (NIB).

Dermott Boner, Chesterfield Avenue, Castleknock, Dublin, was the bank's chief manager of retail during the early-to-mid 1990s. He was among several former NIB managers against whom disqualification orders were sought arising from the investigation into the 1990s tax evasion-scandal at the bank.

PORTUGAL'S OUTLOOK 'SOMBRE', SAYS IMF

The IMF said yesterday that Portugal's economic outlook was "sombre" and its public debt condition "very fragile", although Lisbon has met the latest targets in its €78bn bailout.

The International Monetary Fund announced on Wednesday that it had approved the disbursement of the next tranche of €657m to Portugal after the seventh review and after Lisbon's lenders had eased the country's budget deficit goals. However, the IMF's staff report on the review published just a day later said the "risks to the attainment of the programme's core objectives remain high" for debt-laden Portugal which is going through its third year of recession under austerity.

Irish Independent

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