5.  The applicant company is a limited liability company based in Vienna. It is the owner and publisher of the weekly news magazine Profil. 6.  Until 2007 the Land of Carinthia (Land Kärnten) owned almost 50% of the shares of Hypo Alpe-Adria Bank. From 1996 until 2006 a man called Mr. Rauscher was in charge of the treasury department of the bank. In that capacity he was responsible for authorising foreign currency transactions. He was answerable only to the bank’s executive board, which consisted of three members. While Mr. Rauscher was head of the treasury department, his father, who had been a regional government member responsible for finance until 1996, was also on the bank’s supervisory board. The father had that position until 2003. 7.  At the beginning of 2006 the bank’s executive board informed the Financial Market Authority (Finanzmarktaufsicht, “the FMA”) that the bank had financial difficulties. On 31 March 2006 the executive board held a meeting with the executive board of the FMA and informed it that the bank had made a loss of several hundred million euros in 2004. Mr Kulterer, the chief executive of the bank, informed the FMA that the treasury department had gone over its internal transaction limit of 100 million euros (EUR) by EUR 47 million. 8.  Between 1 and 6 April 2006 a number of daily newspapers published reports on the investigation and mentioned Mr Rauscher by name as responsible for the speculative transactions in question. Among those articles was one by newspaper Der Standard published on 4 April 2006 (see Standard Verlags GmbH v. Austria (no. 3), no. 34702/07, §§ 6-17, 10 January 2012). 9.  On 5 April 2006 the FMA filed criminal information (Strafanzeige) about offences committed in relation to the business of Hypo Alpe-Adria Bank against the three members of the executive board and Mr Rauscher, accusing them of embezzlement by investing money entrusted to the bank contrary to the instructions of the executive board. In substance, the FMA alleged that Mr Rauscher had authorised highly speculative transactions with foreign currency derivatives (swaps), disregarding instructions by the executive board. 10.  In its issue of 10 April 2006, the applicant company published an article on the investigations into the heavy losses incurred by Hypo Alpe‑Adria Bank. The front cover of Profil had the words: “Kärntner Hypo‑Affäre – Wie viel wusste Haider?” (“Carinthian Hypo affair - How much did Haider know?”). 11.  The article, headlined “Schwere Hypothek” (“Heavy Mortgage”), ran to nine pages. It reported on the enormous loss of EUR 328 million incurred by Hypo Alpe-Adria Bank in 2004, the question of who was responsible for the damage and whether there were failings in the bank’s risk management. It accused the bank’s executive board of failing to give information to the supervisory board, the bank’s accountants and the FMA, and of trying instead to hush up the losses by manipulating the balance sheets for 2004, which meant that the full extent of the damage was only discovered by external accountants when examining the balance sheets for 2005. The accountants had then informed the FMA. Furthermore, the article featured an interview with Mr Kulterer, confronting him with those accusations. Mr Kulterer was quoted as accusing Mr Rauscher of having disregarded internal guidelines in his foreign currency transactions.
The relevant passages of the article read as follows:
“By the time the warning system was triggered the disaster had long since run its course. On Wednesday 17 November 2004 the risk management and control software programme in the head offices of Hypo Alpe-Adria Bank in Klagenfurt showed, in all the relevant departments of the bank, exactly the kind of figures which bring managers of credit institutions out in a cold sweat: staggering losses on investment operations. In the treasury division, which manages the bank’s liquidity and for that purpose trades, among other things, in interest rates and currencies, there was a shortfall of more than 100 million euros. ‘At that point we immediately called a halt’ said CEO Wolfgang Kulterer. However, as several similar operations were in progress simultaneously, it was impossible ‘to close the floodgates at once’. When that was eventually done, the losses stood at 328 million euros, several times higher than the self-imposed threshold of 100 million.
Treasury manager Christian Rauscher, who was responsible for authorising the transactions, was immediately told to clear his desk. (This son of the former SPÖ regional finance chief Max Rauscher was not available for comment). However, the consequences of the orgy of speculation, which lasted just two weeks, continue to preoccupy the bank’s management. And they are not the only ones: in particular, the manner in which Kulterer and his colleagues dealt with the loss-making transactions has also come to the attention of the authorities in recent days. Last Wednesday the financial markets supervisory authority (the FMA) even saw fit to lodge a criminal complaint against the entire executive board. Rauscher is the object of a preliminary enquiries [Vorerhebungen] (file no. 3 St 79/06x) before the Klagenfurt Regional Court on suspicion of embezzlement. The executive board faces charges of misrepresenting the end-of-year accounts, in other words, falsifying the balance sheets.
...
The transactions in question were all performed between 20 September and 5 October 2004. According to Hypo boss Kulterer, Rauscher – in breach of internal regulations – gambled, by means of so-called swaps, on the occurrence of a highly explosive combination of two trends on the financial markets: on the one hand a fall in interest rates and on the other a rise in the dollar and the yen against the euro. A few weeks later, on 17 November 2004, the perfect storm hit.
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Lack of controls. Rapid rates of growth motivate not just the boss, but also the employees – including the now ex-treasury manager Christian Rauscher. According to inside sources, Rauscher may have set the stakes so high precisely because he wanted to make his mark as a candidate for the vacant post of department manager. After all, high stakes mean correspondingly high profits if all goes according to plan. A marked surplus on his account would undoubtedly have boosted his chances of securing the post.” 12.  The article continued with an overview of the history of Hypo Alpe‑Adria Bank, which had gone from being a regional bank to an international investment bank in the space of fifteen years. The article looked at previous business transactions which had resulted in risks and losses for the bank and the conduct of the executive board. Finally, the article examined the relationship between the bank’s management and local politicians and asked how much Mr Haider, the then regional governor of Carinthia, knew of the losses, and when he had found out about them. It noted that the Land of Carinthia owned 49.4% of the bank and that funds from the bank had financed a number of political projects in the region, in particular Mr Haider’s Future Fund (Zukunftsfonds), designed to fund infrastructure and other large-scale projects. 13.  On 14 June 2006 Mr Rauscher brought proceedings against the applicant company for disclosing his identity in breach of section 7a of the Media Act (Mediengesetz). He submitted that he was not a public figure and that his position at the bank had not been such as to justify the disclosure of his name. He asserted that when authorising the transactions at issue he had acted in accordance with his instructions and with the approval of his superiors. The publication of his name had had negative repercussions on his professional advancement and had not been justified by any public interest. 14.  On 19 August 2008 the Vienna Regional Criminal Court (Landesgericht für Strafsachen) dismissed Mr Rauscher’s action. It found that the following facts had been established: the article had provided a comprehensive report on the losses of Hypo Alpe-Adria Bank. At the time the article had been published, the Land of Carinthia had owned 49.4% of the bank. The claimant’s father had been a regional government member responsible for finances and had also been on the bank’s supervisory board until April 2003. The claimant had been the head of the bank’s treasury department since 1999. He had not been active in politics nor had he been in the public eye in connection with his professional activity. The Regional Court noted that the task of a bank’s treasury department was to carry out liquidity and finance planning for the bank. Hypo Alpe-Adria’s treasury department had been directly answerable to the executive board. The transactions which had subsequently led to such enormous losses had been carried out between the end of September and the beginning of October 2004 and the claimant had been the main person in charge. On 5 April 2006 the FMA had sent information to the Klagenfurt public prosecutor’s office on three members of the executive board, who were suspected of manipulating the bank’s balance sheets, and on the claimant who was suspected of embezzlement for carrying out unauthorised foreign currency transactions. Following receipt of that information the public prosecutor’s office had started preliminary enquiries. From 24 May 2006 preliminary investigations (Voruntersuchung) had been conducted by the Regional Court. Criminal proceedings against the claimant had been discontinued in 2008. After accusations against the claimant had been published in various media, his employment contract had been terminated. He had not been able to find a similar position in another bank. 15.  The Regional Court noted that section 7a (1) of the Media Act required a weighing of the claimant’s interest in the protection of his identity and the public interest in its disclosure. As a rule, adults who were suspected of having committed a crime were only protected against the disclosure of their identity if such disclosure disproportionately affected their professional advancement. 16.  It observed that at the material time the Land of Carinthia owned almost 50% of Hypo Alpe-Adria Bank. That fact alone demonstrated an increased public interest as the taxpayer had a right to know who was responsible for the bank’s losses. The applicant had been a senior employee at the bank, and had been suspected of embezzlement. Although the criminal proceedings had still been at an early stage, the Financial Market Authority, the competent controlling authority, had laid criminal information against the claimant. Moreover, the chief executive of the bank, Mr Kulterer, had levelled similar accusations against him. Having regard to the function of the press as a “public watchdog” and the circumstances of the case, the Regional Court found that the public interest of obtaining information outweighed the claimant’s interest in not having his name disclosed. 17.  On 20 April 2009 the Vienna Court of Appeal (Oberlandesgericht) granted an appeal by the claimant, declared that the disclosure of his identity in the article had violated his rights and ordered the applicant company to pay him EUR 3,000 euros in compensation and to reimburse his procedural costs. 18.  The Court of Appeal found that the Regional Court’s conclusion had been wrong after it had weighed the conflicting interests at issue. It shared the view of the Regional Court that there was a public interest in knowing who was responsible for Hypo Alpe-Adria Bank’s losses due to the fact that the Land owned 50% of the bank. However, the article should have confined itself to mentioning the head of the bank’s treasury department without disclosing his name. The public interest in reporting on the criminal offences at issue had not in itself been sufficient to justify disclosing the claimant’s identity. The fact that the claimant had been answerable to the executive board, although he had an important position in the bank, and that the criminal proceedings against him had been at an early stage, meant that the claimant’s interest in protecting his identity outweighed the public interest in the disclosure of his name. 19.  The applicant company lodged an application under Article 363a of the Code of Criminal Procedure (Strafprozeßordnung) with the Supreme Court (Oberster Gerichtshof). It submitted in particular that the Vienna Court of Appeal’s judgment had violated Article 10 of the Convention as there had been an overriding public interest in what it had reported, including the disclosure of Mr Rauscher’s identity. 20.  On 17 March 2010 the Supreme Court dismissed the applicant company’s application. It examined in detail the reasons given by the Court of Appeal. Referring to the Court’s findings in “Wirtschafts-Trend” Zeitschriften-Verlagsgesellschaft mbH v. Austria (no. 2) ((dec.), no. 62746/00, 14 December 2002), the Supreme Court found that the appeal court had correctly weighed the conflicting interests of the claimant under Article 8 on the one hand and of the applicant company under Article 10 on the other, especially because of the early stage of the criminal proceedings against the claimant. 21.  The Supreme Court’s judgment was served on the applicant company’s counsel on 15 April 2010.