BELGRADE -- Boris Pavlovic attorney for BREIF S.A. Investment Fund of Luxemburg accused Hypo Alpe-Adria Bank Austria, of stealing a 23 million Euro building project from the BREIF Fund, which was disclosed to the HYPO Group in fiduciary confidence during a standard loan application process, reports Belgrade newspaper Kurir. Attorney Pavlovic was quoted in the paper, “To qualify for credit from Hypo Alpe-Adria bank, we gave bank officials total access to projects, architectural plans, and (financial) calculations. We had previously signed a contract with Jinpros, the company which has building rights to the (site) and became co-investors.†According to Kurir, BREIF Fund calculated that they could repay an initial construction loan of 4.9 million Euros from HYPO Group in seven years and that the property would subsequently have a market value of 23 million Euros. Mr. Pavlovic and his firm became concerned when Hypo Bank ended further contact with the fund, “We had contractual deadlines with Jinpros to respect and we impatiently awaited Hypo Bank’s answer. Instead of an answer we received information that Hypo Bank had concluded its own deal with Jinpros and became co-investor instead of us,†Pavlovic explained to Kurir. Kurir also reports that Mr. Pavlovic informed them that the BREIF Fund has brought charges against Hypo Bank before the High Commercial Court in Paris alleging misuse of confidential information given and breach of fiduciary duty regarding Hypo’s contact with BREIF’s former business partner Jinpros. “This (behavior) is unheard of in the West. It is transgresses every accepted banking practice. Banks are not allowed to reveal confidential information about their clients, let alone usurp client business deals,†Pavlovic declared, summing up his statement to Kurir with, “Hypo Bank is Austrian and we have complained to the High Commercial Court in Paris because this violation of banking law is mind-boggling. We expect the court to punish Hypo bank, and return our project to us.â€