Because of a case of fraud worth millions, the Innviertler aircraft parts manufacturer recalled its then CEO in 2016. The two parties have now reached an out-of-court settlement.

It was already decided in March that the company would not receive any compensation from the former manager. A labor law procedure in which the ex-boss sued the company for what he considered to be an unjustified dismissal has now ended with a settlement.

The comparison is already legally effective, the content was not disclosed, a court spokeswoman for the regional court in Ried confirmed to the APA in an article in the “Upper Austrian News”. It is likely to have been a matter of considerable labor law claims, the newspaper suspected.

At the end of 2015, FACC had transferred 54 million euros in a “Fake President Fraud”. In e-mails to an employee in financial accounting, scammers gave the impression that the board of directors had ordered the transfer. Only 10 million euros could still be frozen in a foreign account. After the fraud was exposed, the chief financial officer and the head of the company were fired. FACC sued the ex-boss. However, the court came to the conclusion that the former board member had not breached his duty of care. This in turn had taken action under labor law against his dismissal.