The Hypo Group Alpe Adria has fired former venture capital manager Wolfgang Peter over the financing of a hotel project in Croatia, the Austrian Kleine Zeitung daily said on Thursday.
Those deals are being investigated as part of an Austrian probe into Hypo bank's past projects.
There is strong suspicion that considerable loans were approved within Peter's remit in time of insufficient business security.
Peter was removed from the management board last spring but the bank's supervisory board offered that he remain employed until the end of September. His contract was cancelled, however, after it became known that the State Prosecutor's Office was investigating him.
The damage Peter is suspected of having caused the bank might amount to nearly EUR 2 million. Before becoming a member of the Hypo Bank management board in 2006, he was on the management board of Croatia's Splitska Banka.
