INNSBRUCK / LONDON (IT BOLTWISE) – Austrian investor René Benko is back in court to face fraudulent Krida allegations. He will have to stand trial in Innsbruck in December, having already been convicted in a similar case. The Signa Group, which was founded by Benko, is involved in one of Austria’s largest bankruptcies, with billions of euros in claims from creditors.
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The Austrian investor René Benko is once again confronted with legal challenges. On December 10th he has to face another trial before the Innsbruck regional court. The prosecution accuses him of hiding assets such as luxury watches and cash amounting to 120,000 euros from his creditors in order to avoid the impending bankruptcy of his Signa Group. A second day of trial is scheduled for December 16th.
The public prosecutor’s office accuses 48-year-old Benko of fraudulent Krida, an offense that can be punished in Austria with up to ten years in prison. The total damage is estimated at 370,000 euros. In a first trial in October, Benko was sentenced to two years in prison, but the verdict is not yet final because both the public prosecutor’s office and the defense have filed an appeal for nullity.
The financial difficulties of the Signa Group, which Benko founded, is one of the largest bankruptcies in Austrian history. The creditor protection association Creditreform has presented an updated balance sheet that shows that around 3,000 creditors have made claims totaling around 40 billion euros. Of this, almost 12 billion euros were recognized, with claims from Signa companies among each other also being taken into account.
The insolvency of the Signa conglomerate, which consists of more than 1,130 companies, is due to rising interest rates and risky investments, such as the purchase of the German department store groups Karstadt and Kaufhof. These factors have undermined the group’s business model. Experts assume that it will take at least ten years to resolve this bankruptcy.
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