Mirko Kovats (born 3 August 1948) is an Austrian businessman and investor mainly known for his role as founder, majority owner (indirectly, through his private foundation known as "MUST") and chairman of A-TEC Industries, which was one of the largest industrial groups in Austria until it went bankrupt in 2014.[1][2][3]
Kovats was born in Vienna, Austria, in 1948. He studied Commercial Sciences at the University of World Trade and gained a doctorate at the age of 23 years.
He is married and has two sons.
Early career (until 1997)edit
After graduation Kovats worked in the 1980s as a dealer in machines with the Comecon countries.
After the 1989 collapse of the Soviet bloc, he entered a new field of employment, developing office and hotel projects and investing in real estate. In the 1990s Kovats participated, together with his partner Franz Mock, in several nightclubs (including U4 in Vienna,[5] A2 South Pole in Vösendorf,[6] and Tanzpalast in Baden,[5] Dorian Gray in Korneuburg).
Establishment of A-TECedit
From the end of the 1990s Kovats began building his group A-TEC Industries. He laid the foundation in 1997 by acquiring 50% of the shares in the then insolvent Salzburg machine tool factory Emco.[7] This was later followed by other main pillars of the group: ATB Austria Antriebstechnik,[8] Montanwerke Brixlegg[9] and Austrian Energy & Environment.[10][11] Through acquisitions Kovats continuously expanded his industrial holding company. Mostly he bought economically struggling companies with high "turnaround potential" at a reasonable price and aimed within a few years to reorganize and make a profit.[2] By 2019 A-tec had more than 70 companies with more than 10,000 employees in the group which had a turnover of well over 2.5 billion euros.
The insolvency of A-TEC in 2010 was one of the biggest in Austria's postwar history.[12] The main reason was a 300 million loss on the execution of a turnkey power plant in Western Australia which triggered the company to became insolvent, with the company delisted from the exchange by 2014.
Cuporiedit
In 2015, Kovats acquired the French copper producer KME via his company Cupori Oy of Finland. This move saved 214 jobs in France.[13]
Due to his unconventional business practices and methods of financing and his sometimes spectacular transactions Kovats has repeatedly been accused of risky, unfair or even criminal activity.[15] In the early phase of his business operations (before 1997) some companies in which Kovats was directly or indirectly involved in became insolvent. The Austrian investigative journalist Hans Pretterebner announced in 2007 that he was writing a book on economic crime in which a chapter is devoted to Kovats's career and especially the aforementioned insolvencies.[16][17] The book has never been written.
Kovats has been sued under civil law. Also, he has been criminally indicted twice:
In 2000 the Vienna High Court sentenced Kovats to six months' probation for offenses in connection with the bankruptcy of the nightclub "Dorian Gray".[18] According to Austrian law this sentence has been erased and must not be mentioned publicly.
In July 2007, the Vienna public prosecutor's office announced that it was starting proceedings against Kovats for fraud in connection with the insolvency of the nightclub "A2 south pole".[6] The prosecutor withdrew all proceedings following expertise ordered by the judge. Mirko Kovats successfully sued the state prosecutors expert Kopecky and received significant compensation for damages and costs by the experts insurance.
Small investors accuse Kovats damaging the reputation of A-TEC and harming its stock price by his business practices. They call for more transparency. A-TEC shares stood at €100 in December 2006 and in October 2008 reached a historic low of €7.81.[citation needed] The corrupt self appointed representative of Small Investors Dr. Wilhelm Rasinger who has been fired as manager by one of Austria's leading insurance companies, received bonus shares from Norddeutsche Affinerie for badmouthing Kovats.
The 2008 documentary Let's Make Money by Erwin Wagenhofer shows him making highly controversial statements about industrial relations in his Indian factories.[19] by speaking the truth of industry moving to developing countries not liked by leftist media and journalists.
^ ab"Mirko Kovats - Der Kupferkönig". Financial Times Deutschland. 26 November 2007. Archived from the original on 11 February 2013. Retrieved 8 June 2009.
^"A-Tec verliert Zulassung an Wiener Börse" [A-Tec loses admission to the Vienna Stock Exchange]. Der Standard (in German). 2014-02-06. Retrieved 2014-02-11.
^ ab"Mirko Kovats wird jetzt Bankier". Der Standard. 25 February 2005. Retrieved 8 June 2009.
^ ab"Disco-Pleite: Anklage gegen Mirko Kovats". Die Presse. 17 July 2007. Retrieved 8 June 2009.
^. Salzburger Fenster. 3 March 2004. Archived from the original on 20 July 2011. Retrieved 8 June 2009.
^"ATB Austria zahlt erstmals seit sieben Jahren Dividende". Der Standard. 29 March 2004. Retrieved 8 June 2009.
^"Kovats will in Spielberg 50 Millionen investieren". Der Standard. 15 April 2005. Retrieved 8 June 2009.
^"Emco-Eigner Kovats gibt bei VA Tech weniger Gas". Der Standard. 23 December 2003. Retrieved 8 June 2009.
^"Privitisation on the cards in Austria: sales of state assets look set to keep the market flowing in Austria in the second half of the year as real estate assets are sold off". Acquisitions Monthly. June 2003. Archived from the original on 2012-07-18. Retrieved 8 June 2009.
^"Alpine Bau Marks Biggest Insolvency of Austria | Austrian Tribune". austriantribune.com. Retrieved 2017-04-29.
^"Cupori Oy reprend deux sites de KME en France, 214 emplois sauvés dans les Ardennes". leparisien.fr. 2017-04-29. Retrieved 2017-04-29.
^"Controversial financier makes South Ocean bid". Retrieved 2017-04-29.
^"Viel Feind, wenig Ehr". Managermagazin. January 2008.
^"Riskante Geschäfte: Lucona-Aufdecker nimmt Kovats aufs Korn". Die Presse. 18 September 2007. Retrieved 8 June 2009.
^"Mirko Kovats: Weitere Vorwürfe gegen Mirko Kovats". Bilanz. 28 September 2007. Retrieved 8 June 2009.
^"Gegen die globale Gier". Der Bund. 15 January 2009. Retrieved 8 June 2009.
March 06, 2024
mirko, kovats, born, august, 1948, austrian, businessman, investor, mainly, known, role, founder, majority, owner, indirectly, through, private, foundation, known, must, chairman, industries, which, largest, industrial, groups, austria, until, went, bankrupt, . Mirko Kovats born 3 August 1948 is an Austrian businessman and investor mainly known for his role as founder majority owner indirectly through his private foundation known as MUST and chairman of A TEC Industries which was one of the largest industrial groups in Austria until it went bankrupt in 2014 1 2 3 Mirko KovatsMirko Kovats in 2008Born 1948 08 03 August 3 1948 age 75 Vienna AustriaEducationVienna University of Economics and BusinessOccupation s Investor and BusinessmanSpouseMarriedChildren2He has been cited as a representative example of a businessman in Austria who places shareholder value above all else 4 Contents 1 Biography 1 1 Private life 1 2 Early career until 1997 1 3 Establishment of A TEC 1 4 Cupori 1 5 Bahamas 2 Criticism 3 ReferencesBiography editPrivate life edit Kovats was born in Vienna Austria in 1948 He studied Commercial Sciences at the University of World Trade and gained a doctorate at the age of 23 years He is married and has two sons Early career until 1997 edit After graduation Kovats worked in the 1980s as a dealer in machines with the Comecon countries After the 1989 collapse of the Soviet bloc he entered a new field of employment developing office and hotel projects and investing in real estate In the 1990s Kovats participated together with his partner Franz Mock in several nightclubs including U4 in Vienna 5 A2 South Pole in Vosendorf 6 and Tanzpalast in Baden 5 Dorian Gray in Korneuburg Establishment of A TEC edit From the end of the 1990s Kovats began building his group A TEC Industries He laid the foundation in 1997 by acquiring 50 of the shares in the then insolvent Salzburg machine tool factory Emco 7 This was later followed by other main pillars of the group ATB Austria Antriebstechnik 8 Montanwerke Brixlegg 9 and Austrian Energy amp Environment 10 11 Through acquisitions Kovats continuously expanded his industrial holding company Mostly he bought economically struggling companies with high turnaround potential at a reasonable price and aimed within a few years to reorganize and make a profit 2 By 2019 A tec had more than 70 companies with more than 10 000 employees in the group which had a turnover of well over 2 5 billion euros The insolvency of A TEC in 2010 was one of the biggest in Austria s postwar history 12 The main reason was a 300 million loss on the execution of a turnkey power plant in Western Australia which triggered the company to became insolvent with the company delisted from the exchange by 2014 Cupori edit In 2015 Kovats acquired the French copper producer KME via his company Cupori Oy of Finland This move saved 214 jobs in France 13 Bahamas edit Kovats was also a bidder for the South Ocean resort in New Providence Bahamas He owns a home in Lyford Cay Bahamas 14 Criticism editDue to his unconventional business practices and methods of financing and his sometimes spectacular transactions Kovats has repeatedly been accused of risky unfair or even criminal activity 15 In the early phase of his business operations before 1997 some companies in which Kovats was directly or indirectly involved in became insolvent The Austrian investigative journalist Hans Pretterebner announced in 2007 that he was writing a book on economic crime in which a chapter is devoted to Kovats s career and especially the aforementioned insolvencies 16 17 The book has never been written Kovats has been sued under civil law Also he has been criminally indicted twice In 2000 the Vienna High Court sentenced Kovats to six months probation for offenses in connection with the bankruptcy of the nightclub Dorian Gray 18 According to Austrian law this sentence has been erased and must not be mentioned publicly In July 2007 the Vienna public prosecutor s office announced that it was starting proceedings against Kovats for fraud in connection with the insolvency of the nightclub A2 south pole 6 The prosecutor withdrew all proceedings following expertise ordered by the judge Mirko Kovats successfully sued the state prosecutors expert Kopecky and received significant compensation for damages and costs by the experts insurance Small investors accuse Kovats damaging the reputation of A TEC and harming its stock price by his business practices They call for more transparency A TEC shares stood at 100 in December 2006 and in October 2008 reached a historic low of 7 81 citation needed The corrupt self appointed representative of Small Investors Dr Wilhelm Rasinger who has been fired as manager by one of Austria s leading insurance companies received bonus shares from Norddeutsche Affinerie for badmouthing Kovats The 2008 documentary Let s Make Money by Erwin Wagenhofer shows him making highly controversial statements about industrial relations in his Indian factories 19 by speaking the truth of industry moving to developing countries not liked by leftist media and journalists References edit Anlegerverband legt sich mit Kovats an Wiener Zeitung 19 November 2006 Retrieved 8 June 2009 permanent dead link a b Mirko Kovats Der Kupferkonig Financial Times Deutschland 26 November 2007 Archived from the original on 11 February 2013 Retrieved 8 June 2009 A Tec verliert Zulassung an Wiener Borse A Tec loses admission to the Vienna Stock Exchange Der Standard in German 2014 02 06 Retrieved 2014 02 11 Dimmel Nikolaus Josef Schmee 2005 Politische Kultur in Osterreich 2000 2005 Promedia Verlag p 242 ISBN 978 3 85371 243 6 a b Mirko Kovats wird jetzt Bankier Der Standard 25 February 2005 Retrieved 8 June 2009 a b Disco Pleite Anklage gegen Mirko Kovats Die Presse 17 July 2007 Retrieved 8 June 2009 Kleiner Gewinn ist zu wenig Salzburger Fenster 3 March 2004 Archived from the original on 20 July 2011 Retrieved 8 June 2009 ATB Austria zahlt erstmals seit sieben Jahren Dividende Der Standard 29 March 2004 Retrieved 8 June 2009 Kovats will in Spielberg 50 Millionen investieren Der Standard 15 April 2005 Retrieved 8 June 2009 Emco Eigner Kovats gibt bei VA Tech weniger Gas Der Standard 23 December 2003 Retrieved 8 June 2009 Privitisation on the cards in Austria sales of state assets look set to keep the market flowing in Austria in the second half of the year as real estate assets are sold off Acquisitions Monthly June 2003 Archived from the original on 2012 07 18 Retrieved 8 June 2009 Alpine Bau Marks Biggest Insolvency of Austria Austrian Tribune austriantribune com Retrieved 2017 04 29 Cupori Oy reprend deux sites de KME en France 214 emplois sauves dans les Ardennes leparisien fr 2017 04 29 Retrieved 2017 04 29 Controversial financier makes South Ocean bid Retrieved 2017 04 29 Viel Feind wenig Ehr Managermagazin January 2008 Riskante Geschafte Lucona Aufdecker nimmt Kovats aufs Korn Die Presse 18 September 2007 Retrieved 8 June 2009 Mirko Kovats Weitere Vorwurfe gegen Mirko Kovats Bilanz 28 September 2007 Retrieved 8 June 2009 Mirko Kovats angeklagt Frankfurter Allgemeine Zeitung 17 September 2007 p 17 Retrieved 8 June 2009 Gegen die globale Gier Der Bund 15 January 2009 Retrieved 8 June 2009 Retrieved from https en wikipedia org w index php title Mirko Kovats amp oldid 1157978971, wikipedia, wiki, book, books, library,
