Liability Shock

Gusenbauer and Co. Face an Even Bigger Problem

Signa heavyweights: Susanne Riess-Hahn, Alfred Gusenbauer, and founder René Benko(Bild: Krone KREATIV/APA, Christof Birbaumer)

Alfred Gusenbauer, Susanne Riess-Hahn, and other former members of Signa’s supervisory board face massive liability claims. Hundreds of millions of euros are at stake—in extreme cases, from their personal assets. According to “Krone” investigations, the insurance company could refuse to pay—and the insured amount could be far too low...

On Wednesday, Alfred Gusenbauer was questioned for more than seven hours by the Vienna Commercial Court in the trial regarding the recovery of five million euros in Signa fees. This is a fraction of what the former chancellor had billed the Benko Group over roughly 15 years.

On Thursday, investigators from the Soko Signa task force searched Gusenbauer’s residences in Vienna and Lower Austria. According to the Public Prosecutor’s Office for Economic Affairs and Corruption, the 66-year-old retiree is suspected of having unlawfully approved approximately ten million euros in advance payments to a board member in his capacity as chairman of Signa’s supervisory board. Gusenbauer denies all allegations through his attorney; the presumption of innocence applies. He had already stated in court that, as a member of the supervisory board, he had always adhered to legal regulations.

In fact, these initial steps toward coming to terms with the past were merely warm-ups for what might still be to come—at least from an economic perspective. For hanging over Alfred Gusenbauer, Susanne Riess-Hahn, and all members of Signa’s supervisory board is the sword of Damocles in the form of liability claims filed by the bankruptcy trustees of the bankrupt group.

Signa’s Big Names: Susanne Riess-Hahn, Alfred Gusenbauer, and Founder René Benko(Bild: Krone KREATIV/APA, Christof Birbaumer)

Beer-Coaster Planning and Shuffling of Millions
The Background: René Benko and his managers likely relied on highly problematic liquidity planning within the Signa Group. Using an Excel spreadsheet—apparently referred to internally as the “beer coaster”—operational managers shuffled sums, in some cases in the hundreds of millions, back and forth among the hundreds of group companies. Until the collapse.

The problem: Austrian law is very strict regarding such “intercompany loans.” The same applies to delaying bankruptcy. Under tort law, not only managing directors and board members but also supervisory board members who failed to prevent such practices can be held liable for legal violations.

This means: Former supervisory board members such as Alfred Gusenbauer, Susanne Riess-Hahn, or ex-Raiffeisen boss Karl Sevelda could be held jointly and severally liable with their personal assets. As early as January 2025, the receiver for Signa Prime had already filed a claim for around one billion euros.

Insurance Company Feels Deceived
Generally, companies take out insurance policies for their executive and supervisory board members. Signa did the same. However, according to research by “Krone” and “News,” there are two issues: First, the insurance coverage for potential misconduct by the corporate bodies amounts to only 105 million euros per year. Second, according to confidential documents on hand, the insurance company indicated as early as 2024—following the collapse of the Benko empire—that it felt misled when the policy was taken out.

Benko Set Gusenbauer’s Fees
The allegation is that Rene Benko was uninsurable following his criminal conviction in 2013 and officially stepped down from his positions. After years of investigation, criminal investigators claim this was merely for show. That is why the insurance company also feels it has been deceived.

A letter from the insurance company’s attorney states that there is “reliable information” indicating that Benko remained the de facto managing director or board member. Furthermore, Benko’s Signa managing director Marcus Mühlberger, who referred to himself as “Signature August,” provided false information to the insurance company when the policy was taken out in 2013. He had noted by hand that Benko had stepped down from all positions.

In fact, according to an email obtained by the “Krone,” Benko—who was supposedly long since out of the picture—wrote to his advisor Gusenbauer as recently as 2016, detailing what Gusenbauer would receive as chairman of the supervisory board of the Signa companies—even though he was not officially authorized to do so.

You can view this email here:

Benko’s email to Gusenbauer, March 2016.(Bild: zVg)

Riess praised Benko on ORF’s“
 ” In other words: Signa’s million-dollar advisor Gusenbauer is currently fighting on several fronts. His former Signa supervisory board colleague Susanne Riess-Hahn, who will remain Wüstenrot’s CEO until May and is being touted in certain political circles as a potential ORF chief, also has reason to worry. Incidentally, former Vice-Chancellor Riess had praised René Benko on ORF as recently as early September 2023—shortly before Signa’s billion-euro bankruptcy—as a “cautious and risk-aware financial manager.”