US EditionRuling nears in Austrian fraud trial of property tycoon Benko
- On Tuesday, René Benko pleaded not guilty at the Innsbruck State Court, denying wrongdoing and refusing to answer further questions in the first charges of a wide investigation.
- The debt-laden Signa conglomerate, built since 2000, imploded in 2023 in Austria's largest insolvency, with prosecutors investigating more than a dozen suspects and damages around 300 million euros.
- Prosecutors say Benko concealed an alleged sum of 660,000 euros, including gifts to Benko's mother and 11 luxury watches, watch straps and cufflinks worth 370,000 euros in a relative's safe.
- On day two, the Innsbruck State Court could move rapidly toward sentencing, with 14 cases pending and Benko facing a potential sentence between one and 10 years.
- Creditors in the United Arab Emirates and Thailand claim billions from Signa, whose former holdings included New York's Chrysler Building and major European department store chains.
94 Articles
94 Articles
The Innsbruck Regional Court partially found the real estate entrepreneur René Benko guilty of insolvency proceedings. He was sentenced to two years in prison for damage to his creditors.
It was only a short trial of two days - a small criminal excerpt from the many investigations against René Benko. But it is the first verdict against the ex-billionaire.
Not only in Austria is investor Benko known. The billionaire tries for years with a sophisticated system to multiply his money. But in the end he fails, owes many people and companies high amounts. Now a first verdict is made, more will probably follow.
The only short trial against the investor René Benko goes to the finale. Procuratorate and defense have held their closing pleas. Now the judge and two openings are on the move.
Ruling nears in Austrian fraud trial of property tycoon Benko
The insolvency-related fraud trial of fallen Austrian property tycoon Rene Benko entered its second day on Wednesday, with a ruling expected in the afternoon in the first case connected to the collapse of his Signa property empire.
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