Holocaust Survivors to Battle Austrian Bank
David M. Bresnahan
June 23, 2005
BELGRADE, Serbia – In a bizarre repeat of scandals that rocked the Hypo Alpe Adria bank of Austria in 2000 and 2003 linking them to neo-Nazi activities, the financial institution again faces charges of insensitivity to holocaust victims.
On April 22 Hypo Alpe Adria Bank announced a 20 million Euro acquisition of prime real estate in Belgrade, Serbia. This valuable property was confiscated in the 1940’s from the Galich family, victims of Nazi brutality and persecution.
Prior to World War II, “Three Tobacco Leaves,” a landmark Belgrade building stood on the site, owned for generations by the Galich family. In the spring of 1944, retreating German troops summarily executed two family members who attempted to stop SS incendiaries from destroying the property.
Hypo Alpe Adria’s executive, Boris Ignjatovic recently announced at a press conference that the bank plans to acquire the site and construct a hotel. No mention was made of the Galich family claim. A family spokesperson tried to speak, but was denied entrance.
The heirs wanted me to inform the press that there are survivors and they claim title to the property. We are fighting the local company which currently holds building rights to our land in Serbian courts. Potential investors need to know,” said the spokesperson who wished to remain anonymous because of threats of violence.
Earlier this year, Galich family attorneys informed the bank’s officials in Belgrade, about the January decision by Serbia’s Ministry of Finance, asking for a revision of current building rights granted to Jinpros, the Serbian partner of the Austrian bank.
We were shocked when we heard Mr. Ignjatovic’s announcement of Hypo Alpe Adria’s acquisition of the building rights. The Serbian Ministry of Finance already ruled in our favor. The European Union has strict disclosure guidelines regarding bank investments. I suspect it might be an affair of the left hand in Austria not knowing what the right hand in Belgrade is doing,” stated an attorney for the family.
Family members are incensed by the latest attempt to build on their property before the Republic of Serbia enacts a law on property restitution, scheduled for June 2006. According to Serbia’s proposed restitution law, only property that has not been improved upon will be returned to original owners. Economic watchdogs see Hypo Alpe Adria’s bid to gain control of the “Three Tobacco Leaves” site, before a restitution law is enacted, possibly due to loopholes left in archaic communist laws still on the books.
Basically, it’s a sneaky attempt to avoid paying market value for the real-estate,” stated civil rights activist Zana Stojanovic of Belgrade.
The Galich family has appealed to the United States Embassy in Belgrade for continued help in this matter. The heirs are American citizens living in Chicago.
My father and uncle were killed by the Nazis while they were trying to save our building. The Milosevic government tore down our building, which we rebuilt with much sacrifice after the war -- now this. An Austrian bank should know better after sixty years. Shame on them,” proclaimed an octogenarian member of the family. Hypo Alpe Adria officials could not be reached for comment.
On April 22 Hypo Alpe Adria Bank announced a 20 million Euro acquisition of prime real estate in Belgrade, Serbia. This valuable property was confiscated in the 1940’s from the Galich family, victims of Nazi brutality and persecution.
Prior to World War II, “Three Tobacco Leaves,” a landmark Belgrade building stood on the site, owned for generations by the Galich family. In the spring of 1944, retreating German troops summarily executed two family members who attempted to stop SS incendiaries from destroying the property.
Hypo Alpe Adria’s executive, Boris Ignjatovic recently announced at a press conference that the bank plans to acquire the site and construct a hotel. No mention was made of the Galich family claim. A family spokesperson tried to speak, but was denied entrance.
The heirs wanted me to inform the press that there are survivors and they claim title to the property. We are fighting the local company which currently holds building rights to our land in Serbian courts. Potential investors need to know,” said the spokesperson who wished to remain anonymous because of threats of violence.
Earlier this year, Galich family attorneys informed the bank’s officials in Belgrade, about the January decision by Serbia’s Ministry of Finance, asking for a revision of current building rights granted to Jinpros, the Serbian partner of the Austrian bank.
We were shocked when we heard Mr. Ignjatovic’s announcement of Hypo Alpe Adria’s acquisition of the building rights. The Serbian Ministry of Finance already ruled in our favor. The European Union has strict disclosure guidelines regarding bank investments. I suspect it might be an affair of the left hand in Austria not knowing what the right hand in Belgrade is doing,” stated an attorney for the family.
Family members are incensed by the latest attempt to build on their property before the Republic of Serbia enacts a law on property restitution, scheduled for June 2006. According to Serbia’s proposed restitution law, only property that has not been improved upon will be returned to original owners. Economic watchdogs see Hypo Alpe Adria’s bid to gain control of the “Three Tobacco Leaves” site, before a restitution law is enacted, possibly due to loopholes left in archaic communist laws still on the books.
Basically, it’s a sneaky attempt to avoid paying market value for the real-estate,” stated civil rights activist Zana Stojanovic of Belgrade.
The Galich family has appealed to the United States Embassy in Belgrade for continued help in this matter. The heirs are American citizens living in Chicago.
My father and uncle were killed by the Nazis while they were trying to save our building. The Milosevic government tore down our building, which we rebuilt with much sacrifice after the war -- now this. An Austrian bank should know better after sixty years. Shame on them,” proclaimed an octogenarian member of the family. Hypo Alpe Adria officials could not be reached for comment.
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