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Rene Benko
Signa insolvency: Ex-managers to be Liable for One Billion Euros
Insolvency administrator Norbert Abel is stepping up the pace in the case surrounding the spectacular insolvency of Signa Prime Selection AG: 13 months after filing for insolvency at the end of November 2023, letters of liability were sent to former members of the company's Management Board and Supervisory Board shortly before the turn of the year.
January 9, 2025
Signa Development Selection and Signa Prime: Real Estate Giants on the Brink
The Supreme Court's (OGH) decision to reject the appeal on points of law by Signa Development Selection AG and a German investor has closed another chapter in the liquidation of René Benko's billion-euro real estate group. Previously, the restructuring plan for Signa Prime, another central company of the group, had already failed. The insolvency of the Signa Group represents one of the biggest economic crises in Austria's history.
December 30, 2024
René Benko at the Center of International Investigations: Arrest Warrant from Italy for Real Estate Projects
An international warrant for the arrest of Austrian real estate entrepreneur René Benko, founder of the Signa empire, has triggered a wave of investigations extending from Italy to Austria and Germany. The accusations range from corruption and criminal association to violations of tax law. While Benko was questioned in Tyrol and remains at large, extensive investigations are underway in Italy, involving over 100 searches and the arrest of nine suspects.
December 3, 2024
New Bankruptcy in the Signa Group: Signa Development Icon GmbH Will not be Continued
The economic turbulence surrounding the Signa Group shows no sign of abating. The creditor protection association Creditreform announced that Signa Development Icon GmbH has filed for bankruptcy proceedings, which will not be continued in the future. "The Icon Vienna" houses prominent companies and diplomatic missions and is a subsidiary of the Signa Development Selection AG, which had previously filed for insolvency.
November 11, 2024
Signa Insolvency: Controversial Loan from the Laura Private Foundation
The insolvency of Signa, under the leadership of René Benko, continues to cause a stir. Particularly controversial is a loan that the Laura Private Foundation, which Benko and his mother back, granted to Signa Holding six weeks before the insolvency filing in November 2023. Trustee in bankruptcy Christof Stapf considers the transaction detrimental to the holding company and seeks to have it set aside by the court and claim damages.
September 26, 2024
Whistleblower System to Help Clarify the Signa Bankruptcy
The investigation into the insolvency of the Signa real estate empire is progressing. A new whistleblower system is now intended to help bring transparency to complex corporate structures through information from employees and creditors and to reveal previously undiscovered information.
September 11, 2024
Signa Group in Crisis: Saudi Arabian Sovereign Wealth Fund Seeks Complete Takeover of Selfridges
The economic turbulence surrounding the Austrian Signa Group has taken a new turn: The Saudi sovereign wealth fund Public Investment Fund (PIF) is planning a complete takeover of the renowned British department store Selfridges. This announcement comes at a time when Signa, under the leadership of founder René Benko, is facing significant financial challenges.
July 25, 2024
Austria Businesses Heading for a Record Year of Bankruptcies in 2024
Austria is facing a possible record year for corporate insolvencies in 2024. The current economic situation shows a significant increase in insolvencies, especially in the first half of the year.
July 15, 2024
Reorganization Proceedings of Signa Prime Selection Fail in Court for the Time Being
In a significant decision, the Vienna Higher Regional Court (OLG) upheld the appeal of the Finanzprokuratur against the trustee restructuring plan of Signa Prime Selection AG. The reorganization plan previously confirmed by the Commercial Court of Vienna was thus annulled.
July 8, 2024
Signa Group Stabilizes After Insolvency: Former CFO Retires
Following the collapse of the real estate group Signa, the former CFO Manuel Pirolt sees the company stabilized and announces his resignation.
June 20, 2024
René Benko Business Scandal: Abu Dhabi's Ruling Family Demands Millions Back
The ruling family of Abu Dhabi, led by Crown Prince Mohamed bin Zayed al Nahyan, is demanding the return of 250 million euros from René Benko via the International Court of Arbitration (ICC) in Paris.
May 14, 2024
Republic of Austria Opposes Restructuring of Signa Development
The Republic of Austria has filed an appeal against Signa Development's fiduciary restructuring plan, leaving the future of the restructuring process of the real estate conglomerate founded by René Benko hanging in the balance. This legal action could lead to a complete reassessment of the restructuring strategy.
May 1, 2024
Signa's Major Project "Lamarr" in Vienna Seeks New Owner
The prestigious "Lamarr" real estate project on the bustling Mariahilfer Strasse, a flagship property of the troubled Signa Group, is now officially on the market.
March 6, 2024
Financial Turbulence and Internal Conflicts Shake Signa Group Severely
The Signa Group's financial crisis reached a new peak when creditors filed claims totaling EUR 6.3 billion against Signa Prime, of which only EUR 2.6 billion were recognized by the restructuring administrator Norbert Abel. The hearing at the Vienna Commercial Court revealed that the group's financial difficulties are deeper than previously thought, with a significant proportion of the claims in dispute.
February 26, 2024
Signa Group's Luxury Properties up for Sale: A Glimmer of Hope for the Redevelopment
Signa Prime Selection AG, a major player in the luxury real estate market, is currently facing financial difficulties that could now be alleviated by the planned sale of some of its most prestigious properties. Karl-Heinz Götze, the insolvency manager of the credit protection association KSV1870, sees this step as a crucial "piece of the puzzle" for an orderly resolution of Signa Prime's insolvency proceedings.
February 14, 2024
Signa-Retail Company Lamarr Declares Bankruptcy
The highly anticipated Lamarr Kaufhaus project on Mariahilfer Straße in Vienna, set to include a flagship department store and hotel, has filed for bankruptcy. This development comes as a significant blow, as the project, originally slated for completion in 2025, has faced financial turmoil. The insolvency was confirmed by the Creditors' Protection Association KSV 1870 on Friday.
February 4, 2024
Austrian Justice Minister Zadić Plans Reforms in Connection with the Signa Insolvency
The insolvency of the Signa real estate company has far-reaching consequences, which are now also prompting the Austrian Ministry of Justice under the leadership of Green Justice Minister Alma Zadić. In a five-point plan in response to Signa's insolvency, Zadić plans to significantly tighten the penalties for failing to submit balance sheets.
January 24, 2024
Signa Prime and Development: Future Secured Despite Insolvency
The future of the two important branches of the Signa Group, Signa Prime and Signa Development, seems secure for the time being.
January 15, 2024
Financial Crisis at Signa: Bankruptcy Proceedings Initiated for Subsidiaries
The financial difficulties of Signa's flagship Signa Prime Selection lead to further negative developments within the group.
January 8, 2024
Signa Crisis: Call to Investors for Financial Support
Signa Holding, a prominent real estate company, is facing financial difficulties. Erhard Grossnigg, the Chief Restructuring Officer of the Signa subsidiaries Prime and Development, has sent a letter to investors urgently requesting additional funding.
January 4, 2024
Emirati State Fund Mubadala Fails with Claim Against Signa Holding
The Abu Dhabi sovereign wealth fund, Mubadala, has failed with a significant claim against the insolvent Signa Holding. The request to claim a payment of 713 million euros was rejected in emergency arbitration proceedings.
December 21, 2023
Vienna Commercial Court Establishes Creditors' Committee for Signa Holding
The Austrian Signa Holding, founded in 2000 by René Benko, is currently facing major challenges. The Commercial Court of Vienna has set up a creditors' committee for the ongoing reorganization proceedings to examine the non-transparent structures of the Signa Group and to decide on the reorganization plan offered by Signa.
December 18, 2023
The Future of a Crumbling Empire: René Benko's Signa Group in Insolvency
The insolvency of the Signa Group, an Austrian company active in various sectors, including the real estate market, has far-reaching implications. Read more about the future of the Austrian flagship company!
December 6, 2023
Signa in Upheaval: Rene Benko's Retreat and the Future of the Real Estate Giant
Significant changes have now taken place at the real estate and retail group Signa. Company founder Rene Benko is stepping down and handing over the reins to restructuring expert Arndt Geiwitz. This step follows pressure from investors and is intended to initiate a comprehensive restructuring of the group. Benko's removal from power was already apparent in the industry, but it has now been officially announced that Geiwitz will take over as Chairman of the Shareholders' Committee and the Advisory Board. However, the circumstances surrounding Benko's voting rights remain uncertain.
November 9, 2023
Rene Benko and the Future of the Signa Group: Silence Before the Storm?
The Austrian Signa Group once celebrated as a shining star in the real estate sky and a powerful player in the retail sector, is currently facing uncertain times and financial turbulence. Company founder Rene Benko, who has led the group from a non-operational position since 2013 and holds the majority of voting rights through his family foundations, is at the center of a heated debate about the group's future.
November 6, 2023
Wealth of the Richest Austrians Grows Despite Global Trends
In its latest issue, the business magazine "trend" publishes its annual ranking of the "100 richest Austrians". In contrast to some global studies, which show a slight decline in the ownership of the super-rich, Austria shows a different development. The assets of the 100 wealthiest individuals and families increased by five percent to a total of around 210 billion euros.
July 11, 2023
Corruption in Austria: Thomas Schmid Wants to Become a State Witness and Incriminates Kurz Government Heavily
The former head of ÖBAG and Secretary General in the Ministry of Finance, Thomas Schmid, has heavily incriminated ex-Chancellor Sebastian Kurz (ÖVP), his former close companion, in the Casag proceedings triggered by the Ibiza video and wants to become a state witness in the proceedings against Kurz. This was announced by the Economic and Corruption Prosecutor's Office (WKStA). Schmid had approached the investigators with the request, but a formal application had not yet been made.
October 19, 2022
Farewell to Formula 1 Legend Niki Lauda
The international sports world and everyone who knew him bid farewell to Formula 1 legend Niki Lauda. Many celebrities were present at the funerals in St. Stephen's Cathedral in Vienna, along with his family, friends and companions. During the requiem, Austrian Federal President Alexander Van der Bellen said that we were standing at the coffin of a great Austrian.
May 30, 2019
Kurz in the Emirates and in Kuwait - A Lipizzaner Stallion for the Monarch
Chancellor Kurz visited the UAE United Arab Emirates and the State of Kuwait with an extensive business delegation. Main purpose were deals in in the fields of energy, sustainability, infrastructure, transport and health. Also on the trip were 25 Lipizzan stallions of the Spanish Riding School including riders, which were on a tour in the Emirates. Kurz presented the Crown Prince of the UAE, Mohammed bin Zayed Al Nahyan, with a Lipizzan stallion as a gift from the Republic of Austria.
March 25, 2019
Is Benko's Chrysler Deal in the Big Apple a Bargain?
The New York property firm RFR Holding LLC of German-American Aby J. Rosen, together with Signa Holding of Tyrolean real estate investor Rene Benko, is buying the traditional Chrysler Building in New York City for around 150 million dollars. The land is not part of the deal and the rent amounted to USD 32.5 million in 2018 and will continue to rise to USD 41 million a year by 2028.
March 11, 2019
Benko-Hyatt Project - New Luxury Lifestyle Hotel Opens in Vienna in April 2019
The first Andaz Hotel in Austria, the boutique hotel "Andaz Vienna Am Belvedere" at the new Vienna Central Station, opposite the 21er Haus and the Schweizergarten, next to the park apartments at the Belvedere, is to be opened on 17 April 2019. It is the second project and a 50:50 joint venture between René Benko's Signa Group and Andaz Hotels, an affiliate of Hyatt Hotels Corporation.
March 1, 2019 · Sponsored Content
Niki Lauda Acquires Stakes in Benko's Real Estate Firms
The private foundation of former Formula 1 driver Niki Lauda will acquire 1% of Signa Prime and a 10% stake in Signa Retail.
July 17, 2015
Bilderberg 2015: Full List of All 133 Participants
The full list of all 133 attendees to the top secret Bilderberg Group conference 2015 has been released (see below). The Austrians participating are René Benko, Oscar Bronner, Heinz Fischer, Alfred Gusenbauer, Erich Hampel, Wolfgang Hesoun, Gerhard Roiss, Rudolf Scholten and Karl Sevelda.
June 12, 2015 · Updated: June 12, 2015; 17:45
Signa Buys Karstadt for €1
Austria's Signa Holding takes over struggling German department store chain Karstadt. Signa acquires a 100 per cent stake in Karstadt Warenhaus GmbH from Berggruen Holdings. Berggruen Holdings is going to withdraw from Karstadt Warenhaus GmbH, Karstadt Premium and Karstadt Sports as well as from from each property. The deal ends weeks of speculation over the company's future after the CEO left in July. Rene Benko will pay just €1 for the department store chain. Karstadt operates more than 80 stores across Germany and employs more than 17.000 people.
August 15, 2014
Bank Austria`s Headquarter Sold
The Austrian investor Ronny Pecik has bought the headquarter building of the largest Austrian bank.
December 14, 2013
Bawag Sells Headquarter Building
In order to improve its equity base, the Austrian banking group sells the headquarter building in Vienna´s City.
November 23, 2013
Benko Establishes Joint Venture with Israeli Investor
The Austrian real estate investor René Benko has found a partner. The joint venture will focus on commercial properties in Germany.
January 16, 2013
Austrian Signa Holding Acquires „KaDeWe“ in Berlin
The Austrian real estate group Signa Holding acquired 17 shopping centers in Berlin. In total, the sales price comes at € 1.1bn.
December 22, 2012
Metro Cancels Kaufhof Sale
The Austrian real estate investor René Benko has to abandon the plan to take over the German retail chain Kaufhof.
January 17, 2012
Benko Relieved from Money Laundering Accusations
Investigations against the Austrian real estate investor will end soon, German newspapers report. Benko bids for Metro´s subsidiary Kaufhof.
December 20, 2011
Kaufhof-Deal Not Closed Before 2012
The two main competitors for the German retail chain are the Austrian real estate investor René Benko and the U.S. investor Nicolas Berggruen.
December 17, 2011
Kaufhof: Investigations Cause Delay in Sale Process
Suspicions of money laundering against the Austrian real estate investor René Benko prevent the take-over for the time being.
December 13, 2011
Kaufhof: Benko Offering € 2bn?
The Austrian investor decisively rejected reports that suggested this acquisition price. Metro’s CEO wants to obtain € 2-3bn.
December 8, 2011
Benko Confirms Binding Offer
Both Metro Group and René Benko´s Signa Holding confirmed that a binding offer for Metro´s subsidiary Kaufhof has been put.
December 6, 2011
Kaufhof: Benko Is Preferred
According to the seller, the German Metro Group, the Austrian real estate investor has good odds. Benko will submit a binding offer soon.
December 5, 2011
Wiedeking Joins Benko’s Signa Holding
The German manager becomes a member of the Austrian real estate group’s advisory board.
November 30, 2011
Benko Puts Pressure on Kaufhof
The Austrian real estate investor René Benko presents his growth program and wants to outbid his rival, the U.S. investor Berggruen.
November 28, 2011
Investigations Against Benko
The Austrian real estate investor Benko is suspected for money laundering. Benko denies and sees a link to the Kaufhof-deal.
November 26, 2011
Kaufhof: Benko Has Good Odds
The Austrian real estate investor has high chances to acquire the German retail chain Kaufhof. The sale could be closed before Christmas.
November 19, 2011
Increasing Interest for Kaufhof
The Austrian real estate investor René Benko got another competitor. Now three tenderers in the sale process will participate.
November 14, 2011
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