The Austrian Financial Market Authority (FMA) has issued a provisional ruling, effective as of 8 February 2013, appointing the auditor Dorotea Rebmann to serve for another term as government commissioner for the management board of the licensed credit institution ELLS Holding AG domiciled in Renngasse 6-8, 1010 Vienna.
The reappointment has been made in order to protect the financial interests of the bank’s creditors and to safeguard the assets entrusted to the supervised company, after the Administrative Court had granted the appeal filed by ELLS Holding AG (formerly: Alizee Bank AG) asking for suspension of the FMA’s administrative ruling of 21 November 2012 to revoke the licence.
According to Article 70 para. 2 of the Austrian Banking Act, “in cases of danger to the fulfilment of the credit institution’s obligations to its creditors, in particular to the security of assets entrusted to the credit institution, the FMA may issue an administrative ruling (Bescheid) ordering measures for a limited period of time in order to avert danger; such measures must be abrogated at the latest 18 months after going into effect”.
In particular, pursuant to Article 70 para. 2 no. 2, the FMA may issue administrative rulings to “appoint an expert supervisor (government commissioner) who is an attorney at law or external auditor”. According to Article 70 para. 2 no. 2 lit. a, that supervisor is required to “prohibit the credit institution from any transactions which might serve to exacerbate the danger mentioned above”.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-5106
+43/(0)676/882 49 516