Austrian property tycoon Rene Benko fraud trial opens in Innsbruck ...Middle East

This trial is the first of two cases prosecutors have filed against Benko so far, accusing him of insolvency-related fraud.

It will be Benko’s first public appearance since the 48-year-old was arrested in January and has remained in custody.

Just over half that amount, roughly 360,000 euros, was rent and related up-front expense payments for a house that were economically and fundamentally unjustifiable according to prosecutors.

Signa became the biggest casualty of Europe’s property downturn when some of its main units filed for insolvency in 2023.

Signa’s collapse is Austria’s biggest bankruptcy and a spectacular fall from grace for Benko, who built Signa from the ground up.

Signa’s creditors, which include blue-chip companies like Deutsche Bank, Allianz, Julius Baer and Raiffeisen Bank International, have filed billions of euros in claims against the group since its collapse. – Reuters

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