AP News

Austrian province hit with huge financial loss

SALZBURG, Austria (AP) — The government of Austria's Salzburg province has launched an investigation into its investment practices after a senior civil servant in the finance department allegedly accrued losses worth hundreds of millions of euros.

Shortfalls of around €350 million ($456 million) from risky investments made on behalf of the province have already been identified. Citing government officials, Austrian media reported Thursday that Salzburg is now expanding its probe to see if other possibly dubious money-raising practices have been made.

The daily Kurier says Salzburg governor Gabi Burgstaller teared up Wednesday during a speech to the provincial assembly and promised to resign if found responsible for the losses.

Police have not identified the employee involved in the losses— a woman in her 40s — in line with Austrian legal practice.

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