Above the upper limit

4.7 million euros in coronavirus funding for Signa hotel

(Bild: Krone KREATIV, Vienna Press/Andreas Tischler)

Business professional and whistleblower Gerald Zmuegg from the financial ombudsman team made people sit up and take notice in an interview on krone.tv: "The Park Hyatt Hotel in Vienna received €4.7 million in coronavirus aid in 2021. This is not only a lot of money, but also remarkable, as most coronavirus aid payments are capped at 2.3 million per company."

This means that any company that is still waiting for corona funds and realizes that the maximum limit is 2.3 million, but 4.7 million has been paid out here, will be somewhat astonished. We therefore need to discuss why the upper limit has clearly been exceeded. Zmuegg: "This may be legal, but it may also not comply with the guidelines".

Gusenbauer withdrawal "surprisingly face-saving"
The resignation of Alfred Gusenbauer as Chairman of the Supervisory Board was both overdue and "surprisingly face-saving". Zmuegg: "But if a supervisory board does not understand that it actually has a supervisory function and not an advisory function, this will have further consequences for it in what is probably the biggest bankruptcy that has ever occurred in Austria."

Gerald Zmuegg from the financial ombudsman team

(Bild: ZVG)

He cannot understand the investors' accusation that they were not properly informed about Signa's financial situation and that they did not know what risk they were taking: "The investors themselves are responsible for their actions. This is going to be very, very exciting."

"Will still reveal a lot of horrors"
Zmuegg concludes: "I expect that Signa will reveal a lot of horrors to the public. As a taxpayer, I don't even want to know whether we all want that when accounts are opened and we see where payments were made. It's like Grasser: I wouldn't have wanted to know all that."