Preliminary injunction

Insolvency administrator cuts off cash flow to the Ingbe Foundation

Sensational news in Liechtenstein: According to information obtained by "Krone," René Benko's insolvency administrator Andreas Grabenweger has obtained a preliminary injunction against the Benkos' million-dollar bunker. This means that distributions from the foundation have been made extremely difficult.

Even before Christmas, Andreas Grabenweger, the bankruptcy administrator of imprisoned billionaire bankrupt René Benko, had filed a lawsuit with the Princely Court in Vaduz. The aim is to prevent the Benkos' Ingbe Foundation from distributing any more money to beneficiaries.

Up to 300 million euros stashed away in the Ingbe Foundation
Put simply, the argument is that the Ingbe Foundation was used solely for the purpose of "withdrawing Mr. Benko's assets from creditor access." Insiders estimate that assets worth between €200 and €300 million could be stashed away in Ingbe. In a 90-page lawsuit, the trustee argues that Ingbe was used "as Mr. Benko's private bank, as a savings bank."

Benko allegedly gave instructions to the foundation's board members over the years, and they often carried out these instructions within minutes. Officially, Benko, who has accumulated around €2.5 billion in debt as a sole trader, was no longer a beneficiary.

Parallel to the lawsuit, an application for a preliminary injunction was also filed on December 4 to prevent the assets of the Ingbe Foundation from being further depleted for the time being in the interests of Benko's creditors.

Court cuts off cash flow
Now for the bombshell: on January 7, the Princely Court in Vaduz issued the preliminary injunction. This means that cash flows have been cut off for the time being and the foundation is currently not allowed to distribute any funds to beneficiaries. At least around €50 million has been frozen for the creditors for the time being. Corresponding letters were also sent to four banks in Liechtenstein and Switzerland that do business with Ingbe.

Lawyers: Does not affect "the entire foundation's assets"
Lawyers representing the Ingbe Foundation have two weeks to appeal this decision. After this article was published, they emphasized that the court decision was limited to "part" – namely around €50 million – "and not the entire foundation's assets." In addition, they emphasized that founder René Benko had never been a beneficiary of Ingbe.

Since its inception, Benko's mother Ingeborg has been a beneficiary. In the fall of 2023, when the Signa Group was already reeling, René Benko wrote to the foundation's board members: "My mother, as the main founder of the Ingbe Foundation, would like to include my wife in the circle of primary beneficiaries..." 

Note: The article was updated and supplemented on January 12.