The boss of Telekom Austria is set to repay a bonus he received following an IPO in 2004, after revelations the offering was triggered illegally.
Hannes Ametsreiter will place the €92,000 bonus payment in a trust account until all the facts of the potential fraud are checked. There is no suggestion the CEO was involved in the deception, however he is prioritizing recouping funds that were paid out following the IPO.
“In clearing the case our main target is to call in the amount of money from those who have caused the financial loss,” Ametsreiter explains, adding. “[W]e emphasize that those who have been guilty of misconduct will be held responsible in full charge without any exception.”
Ametsreiter made the bonus offer after a member of staff admitted involvement in a fraud that influenced the firm’s stock price, and so automatically triggered the IPO. The firm is now examining its legal options to have the €9 million raised in the IPO returned, and has dismissed the staffer involved.