Meinl Bank scandal: FBI investigates bribery and money laundering!

Meinl Bank scandal: FBI investigates bribery and money laundering!

In a significant step in the ongoing investigation into the former Meinl Bank, former CEO Peter Weinzierl is the focus of the Economic and Corruption Prosecutor's Office (WKStA). Together with six other people, Weinzierl is accused of being involved in a bribery scandal surrounding the Brazilian conglomerate Odebrecht. These allegations involve serious offenses such as money laundering and bribery, spanning a period of several years.

The investigation involves not only the individuals, but also eight companies that are part of the comprehensive indictment. Specifically, the former bankers are accused of laundering hundreds of millions of dollars through the U.S. financial system to pay bribes to public officials around the world and defraud Brazilian tax authorities.

Charges against key people

The indictment against Weinzierl and Alexander Waldstein, a former officer at the bank, was made public on Tuesday. Between 2006 and 2016, the two bankers exploited their positions at Meinl and a bank in Antigua to launder money for high fees. Disreputable dealings resulted in over $170 million being transferred from Odebrecht's New York bank accounts to offshore accounts, allowing for significant tax fraud.

Odebrecht himself admitted in New York in 2016 that he was involved in a comprehensive bribery scheme that can be traced back to at least 2001. At that time, the company agreed on a fine of 2.6 billion US dollars with Brazil, Switzerland and the USA. The bankers Weinzierl and Waldstein are said to have used the illegal money to purchase US government bonds as well as company stocks and bonds.

Deceit and escape

While Weinzierl, 55, was arrested in the United Kingdom at the request of US authorities, Waldstein, 73, is on the run. These developments show the seriousness of the allegations made against the two and the rapid grievances associated with Meinl Bank.

Vienna-based Meinl Bank changed its name to Anglo Austrian Bank and filed for bankruptcy more than a year ago. The European Central Bank had previously revoked the bank's license in November 2019. This came shortly before an investigation revealed that businessmen in Eastern Europe had used Meinl to siphon hundreds of millions of dollars from other banks in Ukraine, Lithuania and Latvia. Added to this is a recent case linked to Argentina's former president, Mauricio Macri, which suggests that the bank acted against its interests and bought up debt from an insolvent public institution.

The WKStA and the FBI are continuing their investigations to clarify the growing allegations. The findings so far shed shocking light on the practices of the former Meinl Bank and its role in international corruption networks. In this complex matter, it remains to be seen what further revelations will emerge as the investigation continues.

The Standard reports that the WKStA has already taken comprehensive measures to investigate the money flows surrounding the former Meinl Bank and to uncover the true background of these serious allegations. The OCCRP also focuses on the far-reaching consequences of the alleged machinations and the company's involvement in the international bribery network.