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Former Telekom Austria Executives Cleared of Corruption Allegations

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Two former executives at Telekom Austria have been cleared of corruption charges over allegations that they sold a building at a vastly undervalued price.

Telekom Austria's former CEO, Heinz Sundt and the company's former CFO, Stefano Colombo were accused of deliberately undervaluing a building in Vienna that they sold to the former head of the national railways, Martin Huber and his wife, Barbara Huber-Lipp.

The 19th century building housed Telekom Austria equipment and was sold or EUR5.4 million, but the new owners sold it again a year later for double the price. It is now a block of luxury apartments.

Heinz Sundt was said to be close to Martin Huber as business associates.

The judge in the trial ruled that the evidence had been insufficient to show a deliberate attempt to defraud the company.

Part of the prosecution's failure stemmed from the unavailability of Telekom Austria's head of its property department at the time, who was too ill to give evidence.

This was the fifth corruption trial to hit the telecoms group in recent years.

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Tags: telekom austria  Austria