Searches at Benko and Signa lasted until late evening

The investigations include suspicions of breach of trust and fraud. Investigations are also being conducted against René Benko personally, as the WKStA announced in the evening.

Potential victims include investors, a bank and other creditors. According to the search warrant, which was leaked to several media outlets, one serious allegation concerns a so-called “carousel”: When the Signa Group was already in financial difficulties in the summer of 2023, all investors were supposed to pay in additional millions. But the Benko family private foundation is said to have only pretended that it had contributed 35 million euros. However, this was supposed to have been money from other investors.

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In addition, Signa Holding GmbH is said to have sold shares in a Luxembourg holding company to a Liechtenstein foundation on the one hand and bought shares in another Signa company from this Liechtenstein foundation on the other, but at an inflated purchase price. The purchase price and the sales price were then offset against each other, meaning that Signa Holding GmbH did not receive adequate compensation for its sale, according to the public prosecutor’s suspicion of breach of trust. The search warrant, which several media outlets are quoting, also mentions additional maintenance for Benko’s wife for a real estate investment of EUR 2 million and cash withdrawals of EUR 600,000. René Benko is also accused of a Benko foundation buying the luxury resort Villa Eden on Lake Garda from Signa Holding for EUR 46 million and receiving shares in Signa Prime Selection in return, although these were worth significantly less.

Purchase price used improperly

There is also suspicion of breach of trust in connection with the sale of a property in the city center belonging to a Signa company: part of the purchase price is said to have been used for an improper purpose and not entirely received by the Signa company as the seller. Investigations are being conducted against two people in charge of a Signa company and accomplices, as well as an association. In the course of this, part of the purchase price was seized, according to the WKStA.

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Furthermore, the Economic and Corruption Prosecutor’s Office is also investigating René Benko personally on suspicion of fraudulent bankruptcy and suspicion of fraud and serious fraud. According to the public prosecutor’s office, he is said to have sold assets such as a sports car and high-priced weapons and concealed this from creditors.

The accused’s lawyers pointed out that some of the allegations were already known and had already denied them.

“Cooperative and constructive”

Among other things, Benko’s villa in the Innsbruck district of Igls and the Signa headquarters in Vienna’s Herrengasse were searched on Tuesday. Benko behaved “cooperatively and constructively,” said his lawyer Wess.

On March 8, the Innsbruck Regional Court opened bankruptcy proceedings against the entrepreneur Benko. Investigators now suspect that Benko stashed away part of his assets between January 2023 and March 2024.

The wave of bankruptcies of the Signa empire, worth billions, which began in November, has been keeping the judiciary busy for months. In Germany, the Munich public prosecutor’s office is also investigating suspected money laundering and possible insolvency offenses. The Munich prosecutors have stated in the past that they are in contact with other German public prosecutors.