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Former head of Austrian Hypo bank released on bail

Former head of Austrian Hypo bank released on bail

The former chief executive of troubled Austrian bank Hypo Alpe Adria has been released from pretrial custody on bail of (EURO)500,000 ($683,600), a court spokesman said Thursday.
Wolfgang Kulterer was arrested in August and questioned as part of a probe into dealings at the financial institution, which was taken over by the government last year to save it from bankruptcy. He was charged with breach of trust and false testimony last week.
Kulterer was released around noon Thursday upon receipt of the bail money and after pledging not to flee or hinder the ongoing investigation, Klagenfurt court spokesman Christian Liebhauser-Karl said. Prosecutors have not ruled out further charges against him.
The current charges against Kulterer stem from a (EURO)2 million ($2.7 million) loan to Styrian Spirit airline, which later went bankrupt, and a (EURO)150,000 ($205,200) loan to a private detective, according to the Klagenfurt public prosecutor's office. He is also accused of not telling the truth to an investigative committee of the local parliament.
If convicted, he faces up to 10 years in prison.