After the collapse of the real estate group Signa around the Tyrolean investor René Benko, the Public Prosecution Service in Berlin also started investigations. The Public Prosecution Service announced on Tuesday that an investigation is underway into the bankruptcy of the KaDeWe Group, previously owned by Signa.
Preliminary investigation procedures are also underway in connection with the insolvency of the Signa Group, which included almost 170 companies, the German ‘Bild’ quoted the public prosecutor’s office as saying.
It is still unclear who will be prosecuted
“As part of this, documents are currently being examined – mainly relating to allegations of bankruptcy, breach of trust and subsidy fraud,” the Public Prosecution Service said. It is still unclear which persons should be listed as suspects. Prosecutors declined to discuss details because of the ongoing investigation.
Prosecutors are also already active in Austria
In Germany, the Munich public prosecutor’s office is already investigating suspected money laundering and possible insolvency offenses in connection with Signa’s multibillion-dollar bankruptcy.
Munich prosecutors were in contact with other German prosecutors, they said. The events surrounding Signa have also brought prosecutors to the scene in Austria.
KaDeWe now taken over by Thais
Signa, active in retail and especially in the real estate sector, suffered the largest bankruptcy in Austrian economic history. In addition to numerous properties in prime locations in the city center, the Signa Group, founded by Benko, also included the German department store group Galeria Karstadt Kaufhof and the KaDeWe Group.
Galeria is now being sold to investors. The KaDeWe Group’s real estate around the Berlin luxury department store went to the Thai Central Group, which is also responsible for operational matters.
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.
