The next big splash in the affair surrounding Austria’s most famous bankrupt: investigators searched Signa’s offices in the Grand Duchy.
The Public Prosecutor’s Office for Economic Affairs and Corruption (WKStA) on Tuesday ordered searches in Luxembourg as part of the investigation into Signa founder René Benko. This is according to research by ‘Krone’ and ‘Nieuws’, which was confirmed by the WKStA on Tuesday evening. Access was granted via an administrative assistance procedure with the criminal authorities in the Grand Duchy. As is known, Benko’s opaque Signa Group has set up a large number of companies in Luxembourg over the years.
Suspected transfers of assets
The present case concerns the transfer of assets related to the “Villa Eden Gardone” project. On August 17, 2023, when the Signa Group was already in financial difficulties, Benko received a rejection of a 400 million euro financing from Korea. He then wrote his CFO Manuel Pirolt a four-letter word: “FUCK”.
Then things happen in quick succession: already on August 18, 2023, just one day after the Koreans’ cancellation, a highly questionable deal was implemented and processed in writing in the Signa Group. At the center is a Benko Foundation, which is apparently intended as the last safe bunker for Benko’s millions: the INGBE from discreet Liechtenstein, founded in 2014 by Benko and his mother Ingeborg.
Six dream villas go to the INGBE Foundation
On August 18, 2023, the INGBE Foundation, based in Vaduz, will transfer its 578,905 shares in Signa Prime, which were virtually worthless due to bankruptcy a few months later, to Signa Holding for 46 million euros. In return, six valuable dream villas on Lake Garda, designed by star architect David Chipperfield, will go to Benkos’ INGBE Foundation in exchange for exactly the same amount.
Was Benko a ‘central decision maker’?
According to the WKStA’s suspicions, Benko can be seen as “the central decision-maker and driving force behind the transactions” in this deal. However, the authorities are also targeting the former managing director of Signa Holding, Christoph Stadlhuber, and the former financial director of Signa, Manuel Pirolt.
The presumption of innocence applies to all persons mentioned.
A Luxembourg Signa company was involved in the deal. During this search, the WKStA is apparently looking for documents relating to this suspicious exchange transaction.
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.
