Annual Report of Euram Bank Vienna 2011/2012
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subsequent years, WhiteConcierge Limited<br />
gained a reputation as a highly valued expert<br />
in this very specialized sector. Business<br />
clients in 24 countries are supported<br />
from its base in the United Kingdom. Expert<br />
teams coming from 22 nations <strong>of</strong>fer a<br />
unique combination <strong>of</strong> local expertise and<br />
cultural understanding.<br />
2. Forecast Development and Risks<br />
Outlook for <strong>2012</strong>/2013<br />
For the fiscal year <strong>2012</strong>/2013 we expect<br />
further growth and hence increase in income<br />
from our Private <strong>Bank</strong>ing business.<br />
The outstanding performance <strong>of</strong> our funds<br />
should induce more substantial volume in<br />
Asset Management. Promising Card Payment<br />
Services projects are about to be concluded.<br />
Together with our partners we are<br />
currently developing further projects in<br />
the field <strong>of</strong> card-supported payment transactions.<br />
Material Risks and Uncertainties<br />
On January 25, <strong>2012</strong>, the Securities and<br />
Exchange Board <strong>of</strong> India (SEBI) confirmed<br />
an interim order <strong>of</strong> September 22, <strong>2011</strong> –<br />
the order accuses <strong>Euram</strong> <strong>Bank</strong> <strong>of</strong> having<br />
breached the rules <strong>of</strong> conduct <strong>of</strong> the Indian<br />
Stock Exchange as FII licensee. Due to continuing<br />
investigation in that matter it was<br />
not yet possible to appeal the interim order.<br />
On October 10, <strong>2011</strong>, <strong>Euram</strong> <strong>Bank</strong> filed<br />
a written statement with SEBI, and a hearing<br />
was held before SEBI on November<br />
18, <strong>2011</strong>. <strong>Euram</strong> <strong>Bank</strong> continues to cooperate<br />
with all authorities involved and<br />
urges a fast clarification <strong>of</strong> the matter.<br />
In February <strong>2012</strong>, an Indian company filed<br />
a complaint with the <strong>Vienna</strong> Commercial<br />
Court to obtain a declaratory judgment<br />
against <strong>Euram</strong> <strong>Bank</strong>. <strong>Euram</strong> <strong>Bank</strong> and the<br />
Indian company disagree as to the authenticity<br />
<strong>of</strong> a pledge agreement dated March<br />
2010 between the Indian company and<br />
<strong>Euram</strong> <strong>Bank</strong> and whether <strong>Euram</strong> <strong>Bank</strong> is<br />
therefore entitled to use the pledged credit<br />
balance on the Indian company's account<br />
with <strong>Euram</strong> <strong>Bank</strong> to secure a loan which<br />
<strong>Euram</strong> <strong>Bank</strong> granted to a borrower. In reliance<br />
on that pledge agreement, <strong>Euram</strong><br />
<strong>Bank</strong> refuses to transfer the Indian company's<br />
credit balance to other accounts.<br />
<strong>Euram</strong> <strong>Bank</strong> has obtained an opinion from<br />
a sworn and court-certified expert for forensic<br />
graphological examination in order<br />
to clarify whether the signature on the<br />
pledge agreement entered into by the In-
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