Teak wood international

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Teak wood international
legal form Aktiengesellschaft (Austria)
Seat Vienna , Austria
management Board of Directors: Franz Fraundorfer, Thomas Jakobowitz
Number of employees 60
sales 283 kEUR
Website www.teak-ag.com
As of September 20, 2015

The Teak Holz International AG (THI) was an Austrian company Teak -Holz plantations in Costa Rica owned. The company was listed on the Vienna Stock Exchange from 2007 to 2016 .

In 2006, Klaus Hennerbichler and Erwin Hörmann brought their teak plantations into the company. According to the expert opinion, this should be worth 89 million euros; however, the trees are said never to have actually been counted.

In 2014 it became known that THI had only around 700,000 trees instead of 1.6 million trees.

The company showed a loss of 64 million euros on its balance sheet; the trees were written off by 58 million euros as the going concern assumption was abandoned.

This fact was reportedly known internally since 2008. There were also reports to the Economic and Corruption Prosecutor's Office. In September 2015, THI had to file for bankruptcy because a convertible bond could not be serviced.

As part of the insolvency proceedings, the shares in the operating company and the holding companies in Costa Rica should now be realized. The value should be 3.5 million euros. The auction took place on December 14, 2015, but failed. On January 15, 2015, a reorganization plan with a 20% quota should be voted on, but this was withdrawn.

As a trustee, the insolvency administrator is to sue for claims against auditors, board members and former shareholders.

The public prosecutor's office for business and corruption is now also investigating (after discontinuing earlier proceedings in 2014) against THI and several people for falsification of accounts, breach of trust and serious fraud. Indeed, there is new evidence.

In March 2016, an auction of the most important participations took place, with proceeds of 2.2 million euros. The contract was awarded to the Chinese investor C-East Holding, but the purchase was financed by the German ex-minister Rudolf Scharping and the German entrepreneur Ralph Piller. Since the Chinese did not pay on time, ownership passed to Scharping and Piller.

In July 2016, the share was delisted from the Vienna Stock Exchange.

Individual evidence

  1. ^ Teak Holz International AG. (No longer available online.) Vienna Stock Exchange, archived from the original on September 26, 2015 ; accessed on September 20, 2015 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.wienerborse.at
  2. ↑ Teak Holz International AG annual financial report 2012/2013. Teak Holz International AG, March 28, 2014, p. 17 , accessed on September 20, 2015 .
  3. ↑ Teak Holz International AG annual financial report 2012/2013. Teak Holz International AG, March 28, 2014, p. 22 , accessed on September 20, 2015 .
  4. ↑ Wirtschaftsblatt.at: Bankruptcy of a stock exchange company: Teak Holz files for bankruptcy. Archived from the original on September 11, 2015 ; accessed on September 12, 2015 .
  5. ^ Teak Holz International AG. (No longer available online.) Vienna Stock Exchange, archived from the original on September 26, 2015 ; accessed on September 12, 2015 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.wienerborse.at
  6. ↑ a b Teak wood flies off the Vienna Stock Exchange. June 15, 2016, archived from the original on June 16, 2016 ; accessed on September 10, 2016 .
  7. ↑ Missing teak trees become a case for the public prosecutor. Oberösterreichische Nachrichten, May 29, 2015, accessed on September 13, 2015 .
  8. ↑ Teak wood has too few trees. Der Standard, September 8, 2015, accessed September 12, 2015 .
  9. ↑ Teak wood files for bankruptcy. Der Standard, September 9, 2015, accessed September 12, 2015 .
  10. ↑ Insolvent teak wood begins to sell out. In: derStandard.at. November 4, 2015, accessed November 8, 2015 .
  11. ↑ Teak-wood debt relief failed - Plan B. In: Wirtschaftsblatt.at. Wirtschaftsblatt, December 15, 2015, archived from the original on January 9, 2016 ; accessed on January 9, 2016 .
  12. ↑ Vote on teak postponed. In: www.nachrichten.at. December 18, 2015, accessed January 9, 2016 .
  13. ↑ Bankruptcy: With teak wood, the chips are now flying. In: kurier.at. January 15, 2016, accessed January 17, 2016 .
  14. ↑ a b Teak wood crime thriller: Now it's about high damages. In: kurier.at. December 18, 2015, accessed January 9, 2016 .
  15. ↑ Teak wood: auction brought in 2.2 million euros. In: kurier.at. March 8, 2016, accessed March 12, 2016 .
  16. ↑ Upper Austrian News: Ex-Minister Scharping bought the bankruptcy estate of Linzer Teak Holz . October 30, 2016 ( nachrichten.at [accessed on March 12, 2017]).