Austrian bank chief implicated in #PanamaPapers leak resigns

Photo: www.private-banking-magazin.de
Photo: www.private-banking-magazin.de

Micheal Grahammer, the chief executive of Hypo Landesbank Vorarlberg, an Austrian bank, mentioned in the massive #PanamaPapers document leak, has resigned.

The bank announced that Mr. Grahammer’s resignation on Thursday came as a surprise.

Austrian broadcaster ORF, one of the more than 100 news organisations that investigated the trove of data leaked from Mossack Ferona, a Panama-based law firm, said the bank was connected to offshore companies through trustees in Liechtenstein.

Austrian financial markets regulator, FMA, is investigating whether Hypo Vorarlberg and another Austrian bank mentioned in the PanamaPapers reports, Raiffeisen Bank International, aided the laundering of funds.

“I remain 100 percent convinced that the bank at no point violated laws or sanctions,” Mr. Grahammer said in a statement.

He claimed that the decision to resign was the culmination of various developments in the past year,

He however admitted that the Panama leak was the last straw.

“In the end, the media’s prejudgement of Hypo Vorarlberg and of myself in recent days was decisive for me in taking this step.”


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  • Bayo Ola

    Poor you!! This is when you would have wished you were a Nigerian. Resign ke? No way! The Christian community or your ethnic group would not have allowed you to resign. They would have claimed you are being witch-hunted, after all are you the only one to have opened a secret account in Panama? What about Dangote, have they done anything to him? By the way, your country is developed because of accountabilty while our is not for lack of it. Better migrate to Nigeria where there is no rule for the elite!

    • Pure Reasoning

      Bravo! Right on the mark. You nailed it.

    • Kallah Bature

      Best argument Bayo.Bravo.Nigerian elites would rather galvanize the same masses they have shortchanged and pauperized, using religion or ethnicity to defend their ill-gotten wealth rather than honourably resign.

  • Wetin Naija

    Change your nationality to Nigeria and claim that you are being witch hunted by your political opponent