Immofinanz's new CEO Thomas Kleibl has introduced a package of measures to restore confidence in the crisis-hit listed Austrian real estate company. Kleibl took up the reigns at Immofinanz following the resignation of his predecessor Karl Petrikovics, who was forced out at the end of October. Petrikovics resigned following a steep decline in the company's share value and growing concerns over the group's liquidity.
Immofinanz's new CEO Thomas Kleibl has introduced a package of measures to restore confidence in the crisis-hit listed Austrian real estate company. Kleibl took up the reigns at Immofinanz following the resignation of his predecessor Karl Petrikovics, who was forced out at the end of October. Petrikovics resigned following a steep decline in the company's share value and growing concerns over the group's liquidity.
The problems have prompted Immofinanz and its subsidiary Immoeast to scrap EUR 2 bn worth of developments in the pipeline and to embark on an asset disposal programme to improve the group's cash position.
Kleibl announced recently that a bank consortium has been put in place to help the company move towards a 'sustainable, productive orientation'. The consortium consisting of Erste Bank, RZB, Bank Austria, Eurohypo, WestLB and Helaba is examining the long list of loans taken out by Immofinanz and its subsidiaries.
Immofinanz has also appointed Clemens Spitznagel as general secretary of Immofinanz with responsibility for legal matters. Prisca Havranek-Kosicek will be new head of reporting. 'Due to these appointments legal matters and reporting are in good hands,' Kleibl said.
The new appointments come after the company said in early November that it was investigating what happened to EUR 520 mln worth of funds which were provided by Immofinanz's CEE arm Immoeast to Immofinanz Beteiligungs AG (IBAG) through the purchase of a bond. According to a company statement, the funds were transferred to a bank account held by IBAG with Constantia Privatbank. But the board of IBAG not being 'appropriately informed of the transfer'. As a result, Kleibl said that Christian Thornton, chief financial officer of Immofinanz and Immoeast, is resigning from his post with immediate effect.
Kleibl also said that he plans to call on the Viennese State Prosecution over unclear transactions around the missing payment. Kleibl called on former Immofinanz CEO Karl Petrikovics to help in clarifying the issue. 'If Petrikovics announces in public he knows where the money was transferred to, he should share his knowledge with the stock holders,' Kleibl said.
'We will soon clarify any uncertainties of the past. This will contribute to ensuring a bright future for Immofinanz and Immoeast is ahead of us,' Thomas Kleibl concluded.
