Karl-Heinz Grasser former FM Austria jailed for eight year, Former Austrian finance minister Karl-Heinz Grasser sentenced to 8 years for corruption at the end of a 12 year lawsuit.
Former finance minister Grasser jailed for corruption.Former Austrian finance minister has been sentenced to eight years in prison for his role in a high-profile corruption scandal.
Karl-Heinz Grasser was found guilty on Friday of embezzlement, receiving bribes and falsification of evidence in a deal to sell thousands of publicly owned apartments.
The court in Vienna said Grasser was involved in kickbacks of more than €9 million (£8.1m). He denies wrongdoing and will appeal.
Fourteen defendants faced multiple charges included money laundering, fraud and falsifying evidence.
The court said Grasser and a middleman passed on information about a bid during a scheme to privatise 60,000 apartments, which in turn enabled a rival to put in a slightly higher winning bid.
A consortium purchased the apartments for €961 million, three years later, they were valued at double that amount.
According to the court, the winning bidders paid one per cent of the purchase price, €9.6 million, to ex-Freedom Party of Austria General Secretary Walter Meischberger and lobbyist Peter Hochegger. Both men were also handed prison sentences .