Apparently there is nothing that does not exist. Not when it comes to René Benko. Not in cases related to Signa’s major bankruptcies.
A trial that took place at the end of January 2024 seems particularly remarkable. Signa Development Selection AG, which has been bankrupt since the end of 2023 and is one of the three core companies of the Signa Group, owned by Benko, Haselsteiner and Co., will receive a loan to continue its activities.
Haselsteiners work…
The lender is ZMH GmbH based in Spittal an der Drau, which belongs to a foundation run by former master builder Hans Peter Haselsteiner, 80. The former Strabag boss is making 25 million euros available to the financially ailing Signa Development. On conditions that any small saver would never dream of. 1.5 percent per month. That is no less than 18 percent per year. This is evident from the loan agreement available to the Crown. In fact, if the loan is not repaid by the end of June, the loan interest rate will increase to 1.92 percent per month. On an annual basis that is 23.04 percent. From January 1, 2025, this would already be 28.08 percent.
…and Grossnigg’s contribution
This ‘dream contract’ from Signa Development was signed by Haselsteiner’s friend Erhard Grossnigg, 77, who was installed as ‘restructuring director’ in December and, as is known, has a shared office with Hans Peter Haselsteiner in the center of Vienna. But restructuring manager Andrea Fruhstorfer, who received a compensation of seven million euros for her work, also signed the contract.
It is all the more remarkable that the majority of creditors approved the restructuring plan in March. Voices of reason – such as Wolfgang Peschorn, the president of the Financial Prosecutor’s Office – had always urged that the Signa conglomerate be broken up so that any possible malpractices could be dealt with thoroughly and mercilessly.
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.
