FACC AG Recovers EUR 10.8 Million in Frozen Funds
Aerospace technology company FACC AG has recovered EUR 10.8 million in funds that were frozen in 2016 following a fraud incident in China. The return of the funds followed a nearly nine-year legal process.
Austrian aerospace technology manufacturer FACC AG has successfully recovered EUR 10.8 million in funds previously frozen in China in 2016. The funds were returned to FACC by the Republic of Austria at the end of March 2025, marking the conclusion of a lengthy legal procedure.
The assets were frozen in Chinese accounts at the beginning of 2016 following a fraud case, referred to as the "Fake President Incident," that FACC fell victim to in late 2015. The funds were transferred to the Higher Regional Court of Vienna in 2019 for further proceedings. After approximately nine years of legal clarifications and international cooperation between Chinese and Austrian authorities, the funds have now been refunded.
FACC stated that the return of the funds does not impact earnings, as they had been booked as receivables. However, the recovery does increase the company's liquidity. CEO Robert Machtlinger expressed gratitude to all authorities for their constructive cooperation, noting that this final transfer resolves a long-standing legal matter.
The extended duration of the proceedings was attributed to the complexity of the case, involving international cooperation and extensive legal reviews within Austria. FACC AG is a global supplier of advanced aerospace technologies and lightweight systems for aircraft, drones, and passenger transportation.