The air is getting thinner
“Benko’s birthday without a credit card”
The air is getting thinner and thinner for René Benko: following the bankruptcy of his Signa Holding and numerous subsidiaries, the Austrian real estate investor also filed for insolvency at the beginning of March. But what does this mean for him personally? "What won't happen is that Mr. Benko will be able to pay for his 50 next year with a credit card - and certainly not at Fabios," says financial expert Gerald Zmuegg. There will be massive restrictions and changes in his private life.
As much as Rene Benko may be blamed for all the misery, the Signa drama was triggered by a monetary policy that got completely out of hand, according to the financial ombudsman in the krone.tv interview with Jana Pasching. "The principle still applies in politics, especially when it comes to crises: close your eyes and get on with it and the population won't understand. Because there's the evil Mr. Benko, he's responsible for everything." But the fact is: "If you hate Mr. Benko, you also have to hate those who made this system possible."
"Expect a maximum of 10 percent for creditors"
Zmuegg does not expect a fiduciary solution to work. "Because it's simply too late." "Usually such trustee solutions are made out of court and not in the context of insolvency." This is also where the disagreement and the different interests of the creditors become apparent. "With Mr. Grossnig, with his close relationship to the Haselsteiner Private Foundation, this was doomed to fail from the outset." From Zmuegg's point of view, the worst will happen, namely that the creditors will collect a maximum of 10 percent in the end.
According to the head of the Procurator Fiscal's Office, Wolfgang Peschorn, money cannot simply disappear, as he said in the COFAG-U committee. Zmuegg: "The money has not disappeared. The value of the properties has simply fallen. Yes, and that's why the money is gone." That is why the financial resources are also being provided by the creditors. "The bitter thing is that it will have an impact on us in the future as far as the credit sector is concerned." Zmuegg is certain that the Benko case will make lending much more difficult in the future.
You can find out more in the interview above!
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