Friedrich Karl Flick

Friedrich Karl Flick (February 3, 1927 in Berlin - October 5, 2006 in Auen on the Wörthersee, Austria) 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 ("FKF") inherited the major part of the family business, which had made massive use of concentration camp laborers.

The Flick family has a Nazi legacy and has always refused to pay compensation to wartime victims. 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 marks, 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.

ee also

*List of billionaires
*Flick family

External links

* [http://www.forbes.com/finance/lists/10/2004/LIR.jhtml?passListId=10&passYear=2004&passListType=Person&uniqueId=KOM2&datatype=Person Forbes.com: Forbes World's Richest People 2004]
* [http://www.wikitree.org/index.php?title=Friedrich_Karl_Flick Wiki-Genealogy]