Bawag, the Austiran bank caught up in Refco’s collapse, is to put itself up
for sale next month after settling with US authorities over the Refco case.
The bank had approved a $400m (£210m) loan to Phillip Bennett, Refco’s chief
executive, hours before the broker announced it had hidden a similar amount of
bad debt triggering its collapse.
Bawag is expected to reach a settlement with US authorities this week, paying
a fine of about $650m, much of it to go to Refco creditors and investors,
The Times reports this morning.
Bawag has itself had its own issues with bad debts, disclosing in March that
it had hidden 1bn euros (£680m) of losses of its own, the paper says.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements