At the end of last week, the Public Prosecutor received an indictment against the head of a Bavarian developer. But there are also huge problems in Austria: a bankruptcy application against a project company was presented to the Innsbruck Regional Court, which would build luxury slices in Kitzbühel.
The founder of the M-concept group has fulfilled his reputation as a glittering real estate investor for years. An extensive Ferrari collection should not be missing, which was even marketed on the German website of the Italian sports car manufacturer. “In his tight free time, however, the Bavarian businessman must carefully choose which of his 25 Ferrari jewels he pays his attention,” there was.
Noble cars, large villas, luxurious real estate projects. But for a long time Sand is in the gearbox of the busy entrepreneur, who had to read about himself in South German media a few months ago that he was already described by irritated business partners as the “little brother of Benko”.
At the end of last week, Munich received that I am aware of the M-concept boss, who is suspected of postponing 17 million euros. He denies the allegations; The suspicion of innocence applies.
Now there is an impact in Austria. Due to a Tyrolean project company of the M-concept group, which wanted to build luxury chalets in Reith near Kitzbühel. According to the “krone” information, Deutsche Zurversicherung AG, the most important creditor of the “Giering 8” project, initiated an application for bankruptcy in the Regional Court of Innsbruck at the beginning of April.
“Hard to beat in terms of exclusivity”
Originally, in Reith near Kitzbühel, six noble hostels should have been created since 2018 for particularly good entire customers. Despite the financial support of the insurance, however, there was a handle difference in terms of completion. According to the German group, cooperative cooperation with the M-concept group was no longer possible.
The M-concept inventer had advertised the project on the highest tones. On the website there is still reference to “the exposed and inconspicuous sunny situation above Reith near Kitzbühel”, which “hardly needs to be beaten in terms of exclusivity”.
Now Deutsche Verzinisicherung AG pulled the ripcord. In any case, the aim of the most important creditor to further support and complete the real estate project – “if an insolvency manager is appointed.”
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.
