Austrian Prosecutors Charge Signa Founder with Insolvency Fraud
Austrian prosecutors have charged Rene Benko, founder of the collapsed Signa property group, with hiding valuable assets to evade creditor repayment. Benko and a co-defendant allegedly concealed cash and valuables worth over 370,000 euros. The wide-ranging investigation estimates damages of around 300 million euros linked to various financial offences.
- Country:
- Austria
Austrian prosecutors have leveled serious accusations against Rene Benko, founder of the now-defunct Signa property group, alleging he concealed assets to elude creditor repayments. Prosecutors claim Benko, with the aid of a female co-defendant, hid valuables worth several hundred thousand euros, continuing the probe into his dealings.
The indictment accuses Benko of stashing nearly 250,000 euros in watches and other valuables in a safe, as well as 120,000 euros in cash. These assets were purportedly concealed at relatives' homes to obstruct creditor claims. Benko's lawyer has not responded to these recent claims, and he has denied any wrongdoing in the past.
The legal troubles stem from broader financial mismanagement allegations against Benko and others, including deceptive investment practices and misuse of relief funds. As investigations advance, prosecutors estimate the financial damage at approximately 300 million euros, highlighting the significant impacts of these alleged financial malpractices.
(With inputs from agencies.)
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