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Kulterer, Guenter Striedinger, Gerard Kuchner and Hermann Gabriel were given sentences ranging from three and a half to four and a half years.
The defence attorneys of the accused said they would appeal the rulings.
In 2008, Kulterer was fined 140,000 euros for falsifying the bank's balance.
He is a witness in a Zagreb trial of former Croatian Prime Minister Ivo Sanader, who is accused of taking a commission for a loan the Hypo bank gave Croatia in the mid-1990s.
(Hina) ha