Claims worth billions

The liquidator takes aim at Benko and Co.

The Signa top management's list of sins: financial juggler René Benko and his closest confidants are said to have orchestrated massive shifts in assets at the expense of Signa Holding. Investors feel deceived. Payments are said to have been made even after the company became insolvent. 

The Liechtenstein public prosecutor's office is not the only authority hot on the heels of Austria's most talented financial juggler. In Austria, the Federal Criminal Police Office has formed the Soko Signa, which acts on behalf of the Public Prosecutor's Office for Economic Affairs and Corruption. In Germany, the Munich public prosecutor's office has launched investigations into suspected money laundering. And now the trustee in bankruptcy of Signa Holding is also on the hunt for real estate speculator René Benko and the Signa treasures that have been sunk.

The de facto management
René Benko and his compliant henchmen are apparently facing claims in the billions, as research by "Krone" and "News" in the circle of Signa Holding trustee Christof Stapf has revealed. In addition to the Signa founder, two long-standing top managers are also being targeted: Manuel Pirolt, CFO of the Signa Group. And Marcus "Unterschriften-August" Mühlberger, who not only sat on the management board of Signa Holding for Benko, but also on the board of a private foundation.

Must clean up Signa Holding: liquidator Christof Stapf(Bild: APA/Picturedesk/Sebastian Freiler, Krone KREATIV)

One fact also seems to be beyond doubt for liquidator Stapf: René Benko was the de facto managing director in the realm of intransparency. This is precisely why the Tyrolean is at the top of Signa's register of sins.

Asset transfers and revaluations
What are the most serious allegations? Benko and Co. are alleged to have shifted assets at the expense of the crumbling Signa Holding. This involves extensive transfers of millions between the companies of the Signa Group, for which there is no operational or economic justification, just as there is no justification for a payment of around 50 million to Benko's Laura Private Foundation.

The Signa management is alleged to have overvalued the real estate assets of the Signa Group and thus embellished the actual asset situation vis-à-vis investors. This involves investors who are making claims in the hundreds of millions and feel they have been deceived: For example, the state fund Mubadala (713 million euros). Or the real estate company Madison International Reality (€770 million), which alleges that it was misled with incomplete figures when it joined the company in 2019.

The Signa bosses are said to have continued to make payments even after the company became insolvent. These included a transfer of around 150 million to an investment house. In addition, there are guarantee commitments, for example to the Julius Baer bank, for a good 200 million. However, without having the necessary capital for this - according to the accusation of the liquidator.

Years of legal disputes
In view of this extensive list of sins, Benko and his colleagues are facing years of legal proceedings. If the allegations are true, the managing directors would be liable for the billions sunk with their private assets.

René Benko has already filed for personal bankruptcy with the Innsbruck regional court. However, after the final crash of Signa Holding as a result of the bankruptcy that became known on Wednesday, it can be assumed that the trustee in bankruptcy also wants to take the last shirt off the shirts of the helpers in the management.

Cooperation with media group
Meanwhile, details of the claims of at least one creditor have leaked out in connection with the holding company's crash. According to the long list - as reported - various banks (including the Swiss Julius Bär Bank), Siemens AG, the Innsbruck tax office, the Innsbruck district administration, Wiener Linien and Mediengruppe Österreich GmbH are also likely to have claims against the debtor. As the "Krone" has learned, the media group is said to have registered claims amounting to 504,000 euros. Specifically, this relates to two invoices for cooperation amounting to 252,000 euros each. It is not clear whether the claim has been recognized.