Friedrich Karl Flick
Encyclopedia
Friedrich Karl Flick was a German-Austrian industrialist and billionaire
.
He was born the youngest of the sons of Friedrich Flick and Marie Schuss. After his studies, he worked in his father's company. In 1972, when his father died, he inherited the major part of the family business.
As the sole owner of the Friedrich Flick Industrial Holding (Industrieverwaltung), he had interests in major companies including Daimler-Benz
, WR Grace, Gerling Insurance, Buderus, Dynamit Nobel, Feldmühle and others.
In 1975 he sold his part of Daimler-Benz to the Deutsche Bank
for more than $ 1 billion. Major tax liabilities were avoided through "cultivation of the political landscape", - a process that turned into the Flick Affair
in 1983 when it became apparent that about $25 million had been paid to German political parties in return for tax cuts and favorable rulings. Although Chancellor Helmut Kohl
benefited from the dealings, he claimed he had "no recollections", while others resigned from their posts. In 1985 Flick sold off the remainder of his companies. When Deutsche Bank
announced that it had bought his holdings for about $3 billion German mark
s, Flick retired in Austria, where he became a naturalised citizen.
He married three times and had two children from his second and third marriages. At the time of his death, he was the wealthiest person living in Austria.
In November 2008, it was reported that an oak
coffin
containing his remains was taken from his family's mausoleum
at a cemetery at Velden am Wörther See
, in what Austrian Federal Police
believe may be an attempt to extort money from his widow. His widow Ingrid Flick, his third wife, inherited an estimated £4bn. She and his children are now under police guard. The body was returned in 2009.
Billionaire
A billionaire, in countries that use the short scale number naming system, is a person who has a net worth of at least one billion units of a given currency, usually the United States dollar, Euro, or Pound sterling. Forbes magazine updates a complete list of U.S. dollar billionaires around the...
.
He was born the youngest of the sons of Friedrich Flick and Marie Schuss. After his studies, he worked in his father's company. In 1972, when his father died, he inherited the major part of the family business.
As the sole owner of the Friedrich Flick Industrial Holding (Industrieverwaltung), he had interests in major companies including Daimler-Benz
Daimler-Benz
Daimler-Benz AG was a German manufacturer of automobiles, motor vehicles, and internal combustion engines; founded in 1926. An Agreement of Mutual Interest - which was valid until year 2000 - was signed on 1 May 1924 between Karl Benz's Benz & Cie., and Daimler Motoren Gesellschaft, which had...
, WR Grace, Gerling Insurance, Buderus, Dynamit Nobel, Feldmühle and others.
In 1975 he sold his part of Daimler-Benz to the Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
for more than $ 1 billion. Major tax liabilities were avoided through "cultivation of the political landscape", - a process that turned into the Flick Affair
Flick Affair
The Flick Affair was a German political scandal of the early 1980s relating to political contributions by the Flick company, a major German conglomerate, to various political parties "for the cultivation of the political landscape"...
in 1983 when it became apparent that about $25 million had been paid to German political parties in return for tax cuts and favorable rulings. Although Chancellor Helmut Kohl
Helmut Kohl
Helmut Josef Michael Kohl is a German conservative politician and statesman. He was Chancellor of Germany from 1982 to 1998 and the chairman of the Christian Democratic Union from 1973 to 1998...
benefited from the dealings, he claimed he had "no recollections", while others resigned from their posts. In 1985 Flick sold off the remainder of his companies. When Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
announced that it had bought his holdings for about $3 billion German mark
German mark
The Deutsche Mark |mark]], abbreviated "DM") was the official currency of West Germany and Germany until the adoption of the euro in 2002. It is commonly called the "Deutschmark" in English but not in German. Germans often say "Mark" or "D-Mark"...
s, Flick retired in Austria, where he became a naturalised citizen.
He married three times and had two children from his second and third marriages. At the time of his death, he was the wealthiest person living in Austria.
In November 2008, it was reported that an oak
Oak
An oak is a tree or shrub in the genus Quercus , of which about 600 species exist. "Oak" may also appear in the names of species in related genera, notably Lithocarpus...
coffin
Coffin
A coffin is a funerary box used in the display and containment of dead people – either for burial or cremation.Contemporary North American English makes a distinction between "coffin", which is generally understood to denote a funerary box having six sides in plan view, and "casket", which...
containing his remains was taken from his family's mausoleum
Mausoleum
A mausoleum is an external free-standing building constructed as a monument enclosing the interment space or burial chamber of a deceased person or persons. A monument without the interment is a cenotaph. A mausoleum may be considered a type of tomb or the tomb may be considered to be within the...
at a cemetery at Velden am Wörther See
Velden am Wörther See
Velden am Wörthersee is a market town in the district of Villach-Land in the Austrian state of Carinthia. Situated at the western shore of the Wörthersee lake it is one of the most popular holiday resorts of Austria....
, in what Austrian Federal Police
Federal Police (Austria)
The Federal Police is the law enforcement agency of Austria. The Austrian Federal Police were formed in July 2005 as one formal unit of police. Before 2005 the police system operated the Gendarmerie for most of the country, and the Polizei in the heavy city and urban areas such as Vienna,...
believe may be an attempt to extort money from his widow. His widow Ingrid Flick, his third wife, inherited an estimated £4bn. She and his children are now under police guard. The body was returned in 2009.