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Austrian civil servant wracks up EUR 340m trade loss

06 December 2012, 19:14 CET
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(VIENNA) - An Austrian civil servant from the region of Salzburg lost as much as 340 million euros ($440 million) in public funds by secretly speculating on high risk derivatives, the regional finance minister David Brenner said on Thursday.

The estimate of losses accrued, provided by the civil servant herself, was credible, Brenner told a news conference.

The regional worker, who began dealing in credit derivatives in 2003, was immediately sacked with her office sealed, Brenner added without naming her.

Regional financial director Eduard Paulus said the worker had been cleared to deal in risky financial instruments, but had exceeded the permitted amounts by faking signatures and approvals.

The civil servant never enriched herself personally, the officials said.

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