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Last Updated: Friday, 6 October 2006, 10:37 GMT 11:37 UK
Richest Austrian Flick dies at 79
Friedrich Karl Flick
Friedrich Karl Flick was recently named among the world's 50 richest
The man renowned as Austria's richest person, retired industrialist Friedrich Karl Flick, has died at the age of 79, Austrian media report.

Mr Flick, the son of a Nazi war criminal, was caught up in a political scandal in the 1980s when he received tax favours for political donations.

Mr Flick was a native German but became an Austrian citizen in 1958.

His fortune was recently estimated at about 6bn euros ($7.6bn, 4bn) putting him among the world's 50 richest men.

His father, Friedrich Flick, was jailed for three years at the Nuremberg Trials for using slave labour and prisoners of war in his factories and for plundering Jewish property.

The father went on to rebuild his industrial empire, which embraced coal, steel and the DaimlerChrysler company, and died in 1972.

After his father's death, Friedrich Karl Flick, or FKF as he was known, bought out his relatives and gradually sold off his holdings. Some were sold to Deutsche Bank for billions of dollars.

Mr Flick was involved in a political scandal when it emerged that German political parties, including the Christian Democrats of Chancellor Helmut Kohl, had received millions of dollars from his business, which was awarded limited tax liability.

Mr Flick died late on Thursday at his home on Lake Woerther in Carinthia, said the Austria Press Agency, citing a close business associate.

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