The Austrian Financial Market Authority (FMA) announces that a penal order with a fine totalling EUR 69 000 has been issued against Olaf Wittbrodt as the responsible representative of kitzVenture GmbH, registered in Kitzbühel, at the time that the offence occurred for misleading advertising as well as a lack of a reference to the capital market prospectus pursuant to Article 16 no. 3 in conjunction with Article 4 KMG in relation to the public offering of a qualified subordinated loan. The penal order is not yet final.
The Federal Administrative Court confirmed the FMA’s penal order in relation to the issue of guilt. The imposed fine was reduced to € 60,000 in total. The penal order is final. The Federal Administrative Court has ruled the final right of appeal pursuant to Article 133 para. 4 of the Federal Constitutional Act (B-VG; Bundes-Verfassungsgesetz) to be admissible as far as it relates to the calculation of the fine (due to the principle of absorption).
The Supreme Administrative Court dismissed the final right of appeal due to there not being any legal issue of fundamental importance.