The non-transparent group has hidden valuable properties in the bankrupt Signa Prime. Representatives of investors who have to take care of the money of the ‘little people’ fear a restructuring in favor of existing large investors. And demand that the court revoke self-government.
A few weeks ago, Hans Peter Haselsteiner, next to René Benko the second largest investor in the opaque Signa conglomerate, tried to reassure the television audience in Zeit-im-Bild-2: the largest bankruptcy in Austrian economic history mainly affects a pair If wealthy investors were protected from the billion-dollar disaster of the financial jugglers, smaller investors would hardly be affected.
Hasty use
A closer look reveals that this is clearly another one of those distorted images that have apparently been painted in the Benko empire for years due to a lack of transparency. Particularly in the case of the insolvency of Signa Prime Selection AG, assets could be hastily sold under the eyes of the insolvency court at the expense of numerous small investors and a kind of veil could then be spread over the company’s ‘Signa sins’ . past.
At least this is the impression given by the submission to the Vienna Commercial Court of the 35 institutional creditors, who represent a quarter of the creditors’ claims and are now practicing their rebellion with the bankruptcy judge. The explosive document is on the crown.
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.
