Annual Report Euram Bank AG 2014 / 2015

eurambank

approach, thus striving again for the continuous positive performance

of Euram’s public funds. In the Card Payment Services

division we are currently developing further projects in the field

of card-based payment transactions together with our international

partners.

Material risks and uncertainties

An order issued by the Securities and Exchange Board of India

(SEBI) dated 22 September 2011, accusing Euram Bank of infringing

the code of conduct of the Indian stock exchange as an FII

licensee, remains in force. In October 2014, Euram Bank made

another comprehensive statement vis-à-vis SEBI in this respect.

Euram Bank continues to cooperate with all the authorities involved,

seeking rapid resolution.

In February 2012, an Indian enterprise brought an action for

declaratory judgement against Euram Bank before the Commercial

Court of Vienna, based on a dispute as to whether a pledge

agreement dated March 2010 between the Indian enterprise as

pledgor and Euram Bank as pledgee is genuine. On 2.7.2015, the

judge concluded the oral proceedings of first instance, announcing

that a decision would follow. Considering the course of the

proceedings until this date, Euram Bank anticipates the decision

to be in its favour – the provision for risk of litigation formed in

this respect in the financial year 2012/2013 was not reversed in

the current financial year 2014/2015.

In January 2013, Euram Bank learnt that an American citizen

brought an “action for damages” in August 2011 against Euram

Bank before the North Carolina Central County Court in the United

States. In November 2014, the competent court denied the appeal

of the American citizen and upheld the decision to dismiss

the American citizen’s complaint.

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