Investor crime story Sun Contracting: “The company was robbed”

Among other things, they are accused of unlawfully enriching themselves through dubious deals with Sun Contracting shares. This first accusation involves almost six million euros in damage. Sun Contracting AG in Liechtenstein and its Austrian subsidiaries slipped into bankruptcy in November.

According to the testimony of a former employee, a colleague claimed that the company had been “robbed” because a one-euro company had been sold to Sun Contracting, but the arrested trio was said to have pocketed six million euros without any compensation. According to reports, the allegations are disputed. Johannes Zink, Christian S.’s renowned criminal defense attorney, told the KURIER: “The allegations have no basis whatsoever.”

Wrong advice

The perfidious thing about Green Finance/Sun Contracting’s business was that small investors were advised to cancel their “worst possible” life insurance policies and invest their money in bonds and subordinated loans from Green Finance/Sun Contracting. Investors were led to believe that these were as “safe as building savings contracts”. As companies go bankrupt, affected investors look through their fingers. Because as subordinated creditors of the products or as shareholders, they are the last in the chain of creditors who will see money if there is any money at all.

The fact is: Green Finance GmbH in Vienna was no longer authorized to provide commercial investment advice at the end of April 2022. “Green Finance would no longer have been allowed to provide investment advice after the business license was no longer available,” says investor lawyer Jörg Zarbl to KURIER. The group of companies also made use of independent financial advisors and business brokers.

On Monday, Snezana F. received a letter from investor lawyer Zarbl. She advised a couple on Sun Contracting in November 2023 without having a business license as a financial advisor. The couple is now demanding that the “advisor” repay around 55,000 euros.

Personal liability

“The following applies to independent intermediaries: Anyone who independently advises customers and sells financial products such as subordinated loans needs their own license as a commercial financial advisor including financial loss liability insurance,” says Zarbl. “Advisors who advise or broker financial products independently and without the required business license are personally liable and with their private assets.”

According to a consultant, sales managers in the Green Finance/Sun Contracting group signaled that a business license was not required. However, this information was incorrect.