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British businessman released on record bail of 100 million euros - Telegraph
A British businessman says he has been made the scapegoat for Austria's economic downturn after being arrested when the share price of one of his companies collapsed.

Julius Meinl V, the head of Austria's largest private bank, was detained over an alleged fraud and released, without charge, only after a world record bail of €100 million (£90 million) was paid.

He spent two nights in a cell after police raided his home and offices in Vienna following the collapse in value of Meinl European Land, an investment fund managed by his Meinl Bank.

He has been demonised in the media as Austria's equivalent of Sir Fred Goodwin, who presided over the collapse of the Royal Bank of Scotland. However, Meinl Bank, unlike RBS, has no debts and has not been given a state bail-out.

by Fran on Tue May 5th, 2009 at 01:53:13 PM EST
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