Kulterer and two other suspects are charged with embezzlement. The former bank CEO is also accused of giving a false statement to a commission of inquiry set up by the Carinthian parliament.
The embezzlement charges refer to the approval of two loans. A loan of EUR 2 million was granted to the Styrian Spirit airline company, which was later driven into bankruptcy. The other loan in the amount of EUR 150,000 was granted to a private detective.
According to Austrian judicial experts, this indictment is the beginning of the processing of the Kulterer case. He is under investigation in connection with "many grave accusations".
Embezzlement in Austria carries a possible penalty of up to 10 years in jail.