Discreet Foundation – Benko built a protective wall in Liechtenstein

It is no easy task to maintain an overview of the financially ailing business empire of darkness: Signa Holding was the largest group company to file for bankruptcy at the end of November. At the end of December, the two main core companies, Signa Prime and Signa Development, went bankrupt. In mid-March, Signa founder René Benko went to the bankruptcy court as a private entrepreneur in Innsbruck, and at the end of March the private foundation of the Benko family, also based in Tyrol, in which the now worthless Signa shares are parked. The country is burdened by an astonishing debt burden: 1.14 billion euros.

Konkurs-Tsunami
Anyone who follows the trail of the money quickly comes to the conclusion: it seems only a matter of time before the Laura Private Foundation, Benkos’ second Innsbruck foundation, ends up in the bankruptcy tsunami. According to research by “Krone” and “News”, more than 50 million euros were transferred from Signa Holding to this private Laura foundation before the major crash. This million dollar transfer is likely to make Soko Signa investigators even busier in the coming months.

But René Benko tried to build in protection against this wave of bankruptcies. In the discreet financial center of Liechtenstein. As reported last week, it is not only the money and gold bunker of his Ingbe Foundation that is located there. There is also a second, very discreet private foundation there. And ironically, a legal protective barrier against a bankruptcy tsunami was built in, as research by “Krone” and “News” shows.

Her name: Arual.

Her name, read from back to front: Laura.

Laura establishes the Arual Foundation
No significant data about this Benko vehicle can be obtained from public sources such as the Liechtenstein Commercial Register. However, confidential documents show that Arual was founded in 2008. Founder: Benko’s Austrian Laura Private Foundation. In the meantime, two colorful people sat on the foundation’s advisory board: Benko’s closest confidante Heinz Peter Hager, for many years governor of Signa in South Tyrol. And Eduardo Leemann, once head of the Swiss Falcon Bank, which did business with Benkos Signa and was officially closed after a money laundering scandal.

So how is this Benko protective wall constructed? This is evident from a report by the tax consultancy firm TPA, prepared by Benko’s old companion Karin Fuhrmann. It states, among other things: “According to the documents, the Laura Private Foundation is the economic founder.” Particularly noteworthy: “The articles of association stipulate that the Austrian Laura Private Foundation is the sole and exclusive primary beneficiary. In the event that the Laura Private Foundation no longer exists or foreclosure takes place on the assets of the Laura Private Foundation, natural persons are intended as beneficiaries of the foundation.

This means: If, after the Benko Family Private Foundation, the second Austrian foundation named Laura goes bankrupt, Arual will no longer receive donations to the Laura Private Foundation. This would then involve natural persons. A legal wall of protection against Signa’s bankruptcy tsunami. In the event, the wave of bankruptcies also affected Benko’s private foundation Laura.

Showpiece Villa Ansaldi
The real estate masterpiece of the Arual Foundation is the famous Villa Ansaldi on Lake Garda, which is owned by companies in Switzerland and Luxembourg and served as the Italian representative office of Signa Holding until its bankruptcy. Marina, helipad and baroque park included. Arual held this property through a Swiss or Luxembourgish company that charged an annual rent of 420,000 euros for Villa Ansaldi; However, the effective rent should be reduced to 240,000 euros per year due to Signa Holding’s high investments.