The billion-dollar bankruptcies in René Benko’s former glossy Signa empire also seem to have left their mark on the real estate juggler. Close confidantes who do not want to be named report a ‘broken man’. There is currently no trace of Benko – or of Signa’s head of trading, Dieter Berninghaus.
Benko lost his grip on the ground after initially having extreme success. A ‘megalomaniac purchase’ was that of the Chrysler Building in New York City. “He suddenly believed that he knew everything about everything, that he could turn everything into gold,” an old, unnamed employee now told the “Tiroler Tageszeitung” (TT).
After entering the retail sector and later also the media sector (“Kronen Zeitung”, “Kurier”), the path to becoming a man with a so-called golden touch who led an ultra-luxurious lifestyle at the expense of Signa resulted in a record bankruptcy. From the plane to the stately and luxurious building in Sirmione (Italy) including helipad, from the chalets in Lech to the villa in Igls (photo below), including staff.
Haselsteiner: Benko “had the reins in his hands”
Benko was de facto director until the end, even though he tried to hide this from the outside world. Benko “was in control” and instructed his employees and directors. “In my opinion, he should not shy away from that,” Signa investor Hans Peter Haselsteiner said last week. Any liability issues stand or fall for Benko personally if he is actually director. As reported, the Financial Public Prosecutor wants to investigate this.
Benko currently shuns public attention. According to “TT” it is unclear where exactly he is, both in Innsbruck and elsewhere. But he could also be found in Vienna again and again, where he sometimes had breakfast at ‘his’ Park Hyatt in ‘his’ Golden Quarter in the city center.
Kurz took Benko to the Emirates in 2019
Politicians, including former Chancellor Sebastian Kurz, always enjoyed having their picture taken with him. The latter even took Benko to the Arab world during his time as chancellor, for example to the United Arab Emirates (UAE) in 2019, to hold talks with investors. Kurz and then Justice Minister Josef Moser (both ÖVP) are said to have been involved in the purchase of Signa by Kika/Leiner at the end of 2017, including the Leiner building on Mariahilfer Strasse in Vienna, which is currently a shell of the luxury luxury hotel . department store “Lamarr” and is on ice.
According to Benko’s companions, it was Dieter Berninghaus who managed to motivate Benko, writes the “TT”. Berninghaus has held a key position within the Signa Group since 2016. In 2022, former Migros and Rewe manager Berninghaus said in an interview with Swiss business magazine ‘Bilanz’ that he was currently building Europe’s largest luxury department store group. He was appointed commercial head of the real estate empire by Benko.
“Once Benko and Beringhaus agreed on a strategy, a decision was made and the train passed. “It was no longer possible to counter this from the outside,” says a Signa employee from better times.
Trading boss Signa earned millions of euros
The 58-year-old Berninghaus, a German with a Swiss passport, made millions at Signa: from the luxury department stores Selfridges to the IPO of Signa Sports to the ‘megalomaniac purchase’ of the Chrysler Building, the ‘TT’ quotes an ex -Signa- colleague. It has been unknown for weeks where Berninghaus is. This is what connects him to Benko today. Berninghaus is said to be ill and being treated in the US. Another speculation is that he went into hiding.
A second name that appears in the analysis of the Signa bankruptcy is that of Timo Herzberg. Just before Christmas, Herzberg was removed from his role as CEO of Signa Prime and Signa Selection with “immediate effect”. What exactly disrupted the relationship of trust remains unclear. It is suspected that Herzberg may have ensured that bonus payments amounting to millions may have been collected unfairly.
According to Signa, the ECB is responsible for the collapse
Signa likes to claim that the ECB is actually responsible for its collapse. This is due to a special audit of bank loans to Signa and the rapid interest rate increases. However, with its increases, the ECB only followed previous developments in the US and, as the ‘TT’ writes: ‘Every businessman knows that interest rates can change.’
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
