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Kika/Leiner insolvency: Financial expert criticizes losses for taxpayers
SPÖ National Council member Kai Jan Krainer sharply criticizes the Kika/Leiner insolvency. It cannot be the case that private individuals cash in and the taxpayer absorbs the losses. The ailing furniture chain Kika/Lainer filed for bankruptcy on Monday afternoon. This will also be expensive for the taxpayer. The company has around 130 million euros in debts to the tax office. Meanwhile, billionaire René Benko's Signa Group made a profit of 350 million euros from the property sale. The state is not allowed to bear debt “One makes 300 million euros, we pay 100 million and 3,000 people have lost their jobs,” criticizes SPÖ National Council member Kai Jan Krainer in PULS …
Kika/Leiner insolvency: Financial expert criticizes losses for taxpayers
The state is not allowed to bear debt
“One makes 300 million euros, we pay 100 million and 3,000 people have lost their jobs,” criticizes SPÖ National Council member Kai Jan Krainer in the PULS 24 interview. He demands that the state should not be allowed to bear this debt.
"That's money that's missing. For example, for a warm lunch for children," Krainer continuesIt cannot be the case that the profits are borne by private individuals and the losses are always borne by us“.
Debris of black and blue
The Social Democrat also has sharp words for the former turquoise-blue federal government: “What we see now is the rubble of the economic policy of the ÖVP and FPÖ.” In 2018, the government advocated for the Signa Group to take over Kika/Leiner. The previous owner, the South African Steinhoff Group, was threatened with bankruptcy.
The government had "bragged that they had saved 5,000 jobs. Now it's the case that 3,000 have already lost their jobs, 2,000 are still shaking," criticizes Kai Jan Krainer. In terms of employees, the bankruptcy is the largest insolvency in Austria in the last ten years.
Read the source article at www.puls24.at