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Signa Insolvency
Charges Against René Benko Loom Closer: New Lines of Investigation Revealed
In the far-reaching Signa affair, the first charges could soon be brought against the insolvent company founder René Benko. The Public Prosecutor's Office for Economic Affairs and Corruption (WKStA) has submitted an initial “proposal report” to the Ministry of Justice.
June 24, 2025
Signa Insolvency: Creditors Demand €11.7 Billion, Sale of Luxury Real Estate Underway
Following the collapse of the real estate group Signa, founded by René Benko, creditors have filed claims totaling €11.7 billion. The insolvency administrator of Signa Prime Selection AG (SPS), Norbert Abel, is working to sell the remaining assets to satisfy creditors.
June 2, 2025
Joint European Police Raids on Benko in Austria, Italy, and Germany
In one of the largest cross-border raids in recent years, an international team of investigators has taken action against the imprisoned former real estate mogul René Benko and his Signa empire. Officials from Austria, Germany, and Italy simultaneously searched dozens of properties - including the Tyrol department store in Innsbruck, the Signa headquarters in Vienna's Palais Ferstel, and several warehouses and foundation offices.
May 7, 2025
René Benko Remains in Pre-Trial Custody: Investigations Against Signa Founder Widen
The Regional Court for Criminal Matters in Vienna has extended the pre-trial detention of Austrian real estate entrepreneur René Benko by a further two months. The court cited the continuing danger of the offense as the reason for this.
April 7, 2025
Signa Insolvency: Trustee in Bankruptcy Demands the Return of Gifts From Nathalie Benko
Real estate and trading mogul René Benko has been in custody in the Vienna-Josefstadt prison since January 24, 2025. Meanwhile, bankruptcy trustee Andreas Grabenweger is trying to shed light on the complex asset structures surrounding the Signa Group and uncover possible asset shifts.
March 24, 2025
Future of Benko Villa Igls Uncertain After All: City of Innsbruck Rejects Hotel Plans
The planned rededication of Villa Igls, once a renowned castle hotel and later the residence of the now-imprisoned real estate entrepreneur René Benko, has met with resistance from the city of Innsbruck. The Laura Private Foundation, whose sole benefactor is Benko's mother, was planning to use the building for tourism, but the city council has now clearly rejected these plans. At the same time, Benko remains in custody as the judiciary has made serious allegations against him.
March 12, 2025
Luxury Villa Becomes Wellness Hotel: Benko Family Leaves Estate in Igls
Following the insolvency of Signa and the imprisonment of company founder René Benko, his family is leaving the luxury villa in Igls. The property is to be converted into a wellness hotel. Meanwhile, a court ruling makes new headlines in the Benko case.
March 9, 2025
Rise in Corporate Insolvencies in Austria Reaches New High
The tense economic situation led to a significant increase in corporate insolvencies in Austria in 2024. According to the latest data from Creditreform, around 6,700 company bankruptcies were recorded, an increase of 22% compared to the previous year.
February 24, 2025
Rene Benko Arrested: From “Wunderwuzzi” to the Protagonist of a Billion-Dollar Scandal
Rene Benko, once a celebrated real estate entrepreneur and founder of the Signa Group, was arrested at his villa in Innsbruck. The Public Prosecutor's Office for Economic Affairs and Corruption (WKStA) in Vienna justified the arrest warrant because of the risk of concealment and the commission of a crime. Benko is suspected of concealing assets and manipulating evidence. His arrest marks the climax of one of the biggest business scandals in Austrian history.
January 24, 2025
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
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
Insolvency of Viennese Real Estate Developer Lukas Neugebauer and his LNR Group
Another Austrian real estate company has been hit by insolvency. Bankruptcy proceedings have now been opened at the Vienna Commercial Court over the assets of Viennese real estate developer Lukas Neugebauer and his LNR Group. The bankruptcy affects both B&R Generalunternehmer GmbH and LNR Development GmbH, two central companies in Neugebauer's real estate conglomerate. The insolvency affects 32 creditors who have claims totaling 94 million euros. The creditors have until December 30, 2024, to assert their claims.
October 23, 2024
Record Number of Company Bankruptcies in Vienna Burdens Economy and Labor Market
In Vienna, more than 1,100 companies filed for insolvency between January and September 2024, with the real estate sector particularly hard hit. This development contributes to rising unemployment, which has increased by 8.8% compared to the previous year. Experts blame the rise in the poor global economic situation, high inflation, and increased energy and rental costs. The increase is particularly worrying for retail and service companies, as shown by the example of Pepco, which has affected over 600 employees.
October 21, 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
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