Udo Proksch was born on May 29, 1934, in Rostock, Germany.

In 1977, the cargo ship Lucona sank in the Indian Ocean. This tragedy resulted in the deaths of six people. Udo Proksch, who was the owner of the cargo on the Lucona, claimed that the ship was carrying valuable uranium mining equipment. He then filed an insurance claim for $20 million.

However, suspicions of fraud arose. Investigations into the sinking were complicated by the fact that many powerful politicians in Austria were friends with Proksch. As the scrutiny grew, Proksch fled to the Philippines in 1988. This flight came after a book was published exposing the scandal surrounding the Lucona.

In 1989, Proksch returned to Vienna under a false identity. He was soon recognized and arrested. A year later, the wreck of the Lucona was discovered by an American shipwreck hunter, who found that the ship had been sunk by a time bomb.

On March 11, 1991, Udo Proksch was sentenced to twenty years in prison for his role in the sinking and the deaths caused by it. His sentence was later increased to life in prison. Several politicians were also implicated and faced legal consequences. Among them was the former foreign minister, who was sentenced for falsifying documents related to the cargo. Another minister lost his position for obstructing the investigation. The former defense minister, who had permitted the delivery of explosives to destroy the ship, took his own life once his involvement was revealed.

Udo Proksch died on June 27, 2001, during a heart surgery procedure.