US EditionFallen Austrian property tycoon Benko goes on trial over fraud charges
René Benko faces charges involving concealment of assets worth over €660,000 amid claims of €300 million damages linked to Signa Holding's insolvency, prosecutors say.
- On Tuesday, René Benko pleaded not guilty at the start of his Innsbruck, Austria trial as prosecutors opened the first charges in a probe of Signa Holding.
- Benko's Signa Holding, founded in 2000, crumbled under heavy debt in 2023 in Austria's largest insolvency, with prosecutors estimating damages around 300 million euros and investigating over a dozen suspects.
- Prosecutors allege he concealed cash and 11 luxury watches worth 370,000 euros in a relative's safe and gifted 300,000 euros to his mother with a 360,000 euro villa advance.
- Benko, 48, has been in custody since his January arrest at his Innsbruck villa and was questioned in December 2024 after Italy issued an arrest warrant; he called the prosecutors' `allegations` `at the height of cynicism`.
- Creditors in the United Arab Emirates and Thailand claim billions from former Signa assets including New York's Chrysler Building, while René Benko has denied wrongdoing as investigations continue.
63 Articles
63 Articles
A real estate tycoon faces charges before a criminal court. His imprisonment has left its mark: He appears emaciated, his eyes red.
After the collapse of his Signa real estate group, René Benko is on trial in Innsbruck. For him, it's about much more than just: guilty or innocent.
On Tuesday, the first criminal trial against the fallen real estate entrepreneur René Benko started in Innsbruck. The first hours of the trial already show how difficult the processing of the Signa complex should be – if it is even possible.
The first criminal trial against the founder of the trade and real estate group Signa is only a small case within the collapsed conglomerate. It is about luxury expenses despite imminent insolvency.
René Benko was on trial for the first time on Tuesday in the Causa Signa as a defendant. Executed from the U-liability, he confessed to himself "not guilty." He preferred to leave further remarks to his lawyer.
In Austria, the first trial against entrepreneur Benko has begun.
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