The troubles of Julius Meinl V illustrate the complicated consequences of the property crash

MEET Julius Meinl V in a bar in Belgravia and he seems the epitome of the well-bred Englishman, with no trace of an accent. In fact he carries a British passport, although the Austrian authorities impound it when he is in their country. On April 2nd they arrested him, releasing him only when he posted a record bail of €100m, or $130m—13 times more than the American authorities asked of Bernard Madoff. Although he is allowed to travel, Viennese prosecutors continue to investigate him for suspected breach of trust and deception of investors.

Tens of thousands of Austrians blame Mr Meinl for losses on share certificates which bore the Meinl brand, a responsibility he emphatically rejects. That brand, and the family that created it, are woven into the fabric of Austrian history. His great-great-grandfather, Julius I, started selling roasted coffee beans in Vienna in 1862. Twenty years later he had his own roasting factory serving the whole of Austria-Hungary. After the first world war the Meinl grocery business spread through central Europe. It enjoyed a revival there after the cold war ended in 1989. …