Want investigations

Signa creditors have already filed a complaint

Signa creditors are demanding investigations and have therefore filed a lawsuit against the real estate group.(Bild: APA/Eva Manhart)

Because they want an investigation, Signa creditors have now filed a complaint against the real estate group. The Public Prosecutor's Office for Economic Affairs and Corruption (WKStA), which is also responsible for the current Kurz trial, is to investigate.

The accusation: Signa Development, one of the largest companies in the group, had carried out "unlawful transactions" before filing for insolvency on December 29. On 22 pages, Signa investors such as banks, insurance companies and foundations state that they had identified an outflow of more than 662 million euros to shareholders and sister companies. However, there is no justification for this.

Lack of transparency
The creditors also accuse the company of a "presumably deliberate" lack of transparency. They had not even received important information before the insolvency. The complaint was filed at the end of last week by a Viennese law firm on behalf of the investors. The WKStA will now examine the allegations and decide whether or not to actually initiate an investigation. According to the WKStA, several criminal charges have already been filed in connection with Signa.

Will Signa creditors still get their money back?(Bild: APA/Eva Manhart)

Signa Development is currently undergoing restructuring proceedings with self-administration (see video above). Its website states that the company is investing in "development projects in urban centers, particularly in German-speaking countries and northern Italy". "These include office buildings and high-rise buildings, residential complexes, future-oriented retail space and hotels. The company pursues a 'buy-develop-sell' strategy."

300 million for real estate projects?
This has clearly not worked out. Restructuring manager Andrea Fruhstorfer said that she had not received any criminal charges. She had also previously denied reports of cash flows of around 300 million euros to investor René Benko or his companies. The money had flowed into Signa real estate projects. Payment flows are currently being reviewed, "but the process will still take time."