Court of Auditors: Too Much Trust of Hypo Vorarlberg at Signa-Deals

The Court of Auditors' criticism mainly concerns a EUR 47 million loan to the Benko Private Foundation.

The audit report of the Vorarlberger Landesrechnungshof regarding the business of Hypo-Landesbank with the Signa Group of René Benko has it in itself. In addition to the financial institution, the country also gets its fat as majority owner. Has the Hypo-Landesbank taken too high risks in lending to the shadow realm of real estate zocker René Benko? Did the financial institution fulfil all its reporting and supervisory obligations? And have the …

131 million euros – that's how much money the Signa insolvency could cost Hypo Vorarlberg. The Landes-Rechnungshof is now criticizing the lending process.

BREGENZ. It's mainly about a loan to the Benko Private Foundation.

Hypo Vorarlberg Bank AG has shown too great confidence in the allocation of millions of loans to the meanwhile insolvent Signa Group. This is stated by the Landes-Rechnungshof Vorarlberg (RH) in its audit report on the Bank's operations with the Signa Group, presented on Tuesday. The RH was critical of a EUR 47 million loan to the Benko Private Foundation in particular. The RH recommended that the country adopt a strategy for the Hypo.