Taxes paid in arrears

Self-disclosure protects Signa Prime from penalty

(Bild: APA/HELMUT FOHRINGER)

Concrete juggler René Benko's insolvent Signa Prime did not pay capital gains tax on profit distributions in 2023. In order to avoid a penalty, the company has now reported itself and is said to have already paid the taxes in arrears, reports Der Standard.

The WKStA has initiated proceedings, "but with the indication that the self-disclosure has become effective with exemption from punishment due to the timely payment", the restructuring administrator Norbert Abel announced in his latest report.

The WKStA is also interested in the transactions of the former Signa managers, although the accused deny the allegations. Signa Prime is not directly affected by the events discussed in these proceedings.

Restructuring plan overturned
At Signa Prime, however, the restructuring manager has enough to do: The company owns properties such as the Park Hyatt hotel in Vienna, the Postsparkasse bank and several German properties and project companies. In order to facilitate an orderly liquidation of the properties, the majority of creditors voted in favor of trustee proceedings. The Republic has lodged an appeal and the Vienna Higher Regional Court has overturned the restructuring plan. However, the decision is to be appealed.

However, there are a few problems with the liquidation of the properties: it was originally assumed that Signa Prime would need around 350 million euros to be stabilized. According to the restructuring manager's report, there is currently a shortfall of 227 million euros. Time is of the essence, especially in Germany. There, 70 companies are in regular insolvency proceedings and a further 27 are in provisional insolvency proceedings.

Problems with sales in Austria
While negotiations are underway in Germany to sell half of the KaDeWe property, for example, the sale of some Austrian properties is proving more difficult: the listed Postsparkasse is leased to the Bundesimmobiliengesellschaft (BIG) for 99 years under a building lease agreement. And according to earlier reports by the news agency Bloomberg, the German R+V Versicherungs AG has subscribed to a 99-year Signa bond that is secured by the Postsparkasse.

The Palais in Vienna's Renngasse is in turn leased to the Constitutional Court as the main tenant until 2062. The lease with Bank Austria's Kunstforum expires at the end of the year.