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Georg Stumpf

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Georg Stumpf
Born (1972-03-29) 29 March 1972 (age 52)
Vienna, Austria
NationalityAustrian

Georg Stumpf (born 14 September 1972) is an Austrian builder and real estate investor. In 1994, he founded the Stumpf Group.[1]

Early life

He was born in the family of Georg Stumpf senior (1920-2004), a wealthy entrepreneur and friend of the former Federal Chancellor Franz Vranitzky.[2] Stumpf senior built the Wiener Stadthalle and the ORF Center Küniglberg together with the architect Roland Rainer.[3][4]

Georg Stumpf Jr. attended the HTL in Vienna, from which he graduated. From 1991 to 1993 he studied business administration at the Vienna University of Economics and Business, graduating with a master's degree.[5] At the same time he studied law, but did not finish his degree because he was missing one exam.[6]

Career

In 1997 his father gave Georg Stumpf Jr. a start-up of 1 million shillings. With the support of the banking consortium consisting of Creditanstalt and a Commerzbank subsidiary, Stumpf invested in building the Millennium Tower in Vienna. At the time it was completed (1999), The Millennium Tower was the highest building in Vienna (202 meters).[7] In 2003, the tower was sold to German fund MCP,[1] for 360 million Euro. Building the tower had cost 145 million Euro.[8] However, while building it, Stumpf disregarded a number of rules. Initially, the authorities allowed the tower to be only 140 meters high; however, they had to agree to the final version of the project once it was over. Moreover, Stumpf wrested huge price reductions from the construction companies with the promise not to make any deductions due to possible construction defects at the final inspection.[9][10][11]

By 2006, his construction and real estate group had offices in London and Budapest.[7]

Together with two other Austrian entrepreneurs, Mirko Kovats and Ronny Pecik [de], in 2005, they purchased the majority of the OC Oerlikon industrial group in Switzerland. Later they also joined forces with the Russian oligarch Viktor Vekselberg to buy other companies and reorganize the industrial group in Switzerland. Stumpf and Pecik split due to "differing strategic interests". Stumpf left Victory and took over the German high-tech group M+W Zander (Exyte since 2018), as well as the solar technology company intico solar, founded in 2007. The investment company Victory and its 12% stake in the then ailing technology group Oerlikon remained with Pecik.[12]

Controversies

In the case of the Sulzer AG acquisition by Stumpf and Pecik, it later emerged that the transaction had been carried out in violation of the Swiss Stock Exchange Act.[13] In 2009, the FINMA filed a criminal complaint with the Swiss Federal Department of Finance against Stumpf, Pecik, and Vekselberg alleging that they had failed to comply with reporting requirements when acquiring shares in the engineering company Sulzer.[14] The case was dropped in October 2010 in exchange for a compensation payment of ten million Swiss francs.[15]

In January 2010, Stumpf, Pecik and Vekselberg were fined 40 million Swiss francs each by the Swiss Federal Department of Finance for allegedly failing to report again, when Victory sold Oerlikon shares to Vekselberg.[16] When the Russian Deputy Prime Minister and Minister of Finance, Alexei Kudrin, subsequently complained about this ruling and that these political entanglements would strain relations with Russia,[17] the case was transferred to the Federal Criminal Court. Stumpf, Vekselberg and Pecik were subsequently acquitted by the Federal Criminal Court on 23 September 2010 and the fines were canceled.[18] After analyzing the reasons for the verdict in detail, the Federal Department of Finance decided not to appeal the verdict to the Federal Supreme Court.[19]

Personal life

Stumpf and his partner Patricia Schalko have two sons.[20]

In his spare time, Stumpf enjoys playing golf, and he even won several junior championship titles in Austria.[11]

Georg Stumpf made the 2022 Forbes Billionaires List with an estimated wealth of $8.1 billion and occupied the 288th position.[1]

References

  1. ^ a b c "Georg Stumpf". Forbes. Retrieved 2022-04-19.
  2. ^ "Construction entrepreneur Georg Stumpf senior died at the age of 84" (in German). News, Austria. 2004-04-28. Retrieved 2022-04-19.
  3. ^ "Forbes: Noch mehr Dollar-Milliardäre in Österreich". kleinezeitung.at. 5 October 2023. Retrieved 20 March 2024.
  4. ^ "Bau-Unternehmer Georg Stumpf senior im 84. Lebensjahr verstorben". news.at. 28 April 2004. Retrieved 20 March 2024.
  5. ^ Bobbie Edsor (25 August 2017). "The 28 universities that have produced the most European billionaires". businessinsider.com. Retrieved 20 March 2024.
  6. ^ Peter Sempelmann (6 July 2023). "Georg Stumpf, Turmbauer und milliardenschwerer Investor [PORTRÄT]". trend.at. Retrieved 20 March 2024.
  7. ^ a b "Turmbauer zu Wien - und zu Oerlikon". nzz.ch. 10 September 2006. Retrieved 21 March 2024.
  8. ^ Martin Putschögl (17 January 2012). "Millennium Tower wird "Blue Building" und Hotel". derstandard.at. Retrieved 21 March 2024.
  9. ^ "Das sind die reichsten Österreicher: die Liste". Kurier. 2020-06-18. Retrieved 2022-04-19.
  10. ^ "Grüne orten Günstlingswidmung". Wiener Zeitung. 2003-01-15. Retrieved 2022-04-19.
  11. ^ a b "Turmbauer zu Wien - und zu Oerlikon". Neue Bücher Zeitung. 2006-09-10. Retrieved 2022-04-19.
  12. ^ Thomas Werres (2017-12-12). "Ein Ex-Dax-Chef, ein rätselhafter Milliardär und das ewige deutsche Industrie-Talent". Manager Magazin. Retrieved 2022-04-19.
  13. ^ "Finma-Strafanzeige gegen Pecik und Stumpf". nzz.ch. 27 January 2009. Retrieved 26 March 2024.
  14. ^ "Strafverfahren gegen Vekselberg im Fall Sulzer". nzz.ch. Archived from the original on 13 January 2012. Retrieved 26 March 2024.
  15. ^ "FDF Criminal Law Department concludes investigation in Sulzer affair – suspects pay compensation of CHF 10 million". admin.ch. 18 October 2010. Retrieved 26 March 2024.
  16. ^ "Oerlikon/Renova: EFD büsst Vekselberg - Russischer Investor rekurriert (Zus)". handelszeitung.ch. 28 January 2010. Archived from the original on 20 November 2015. Retrieved 4 April 2024.
  17. ^ "Vekselberg-Busse belastet Russland-Beziehung". blick.ch. 6 February 2012. Archived from the original on 20 November 2015. Retrieved 4 April 2024.
  18. ^ "40-Millionen-Busse vorerst vom Tisch". nzz.ch. 23 September 2010. Archived from the original on 25 September 2010. Retrieved 4 April 2024.
  19. ^ "Kein Weiterzug des Urteils in Sachen OC Oerlikon". news.admin.ch. 14 December 2010. Archived from the original on 21 November 2015. Retrieved 4 April 2024.
  20. ^ "Milliarden-Baby: Stumpf jr. ist da!". oe24.at. 19 July 2011. Retrieved 26 March 2024.


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