As of: February 5, 2024, 5:40 p.m
By: Fabian Hartmann
Comments
Press
Split
The group's insolvency also has initial legal consequences for Signa boss René Benko.
Investors have filed a lawsuit.
Vienna – Signa's investors have now officially filed a criminal complaint with the Economic and Corruption Prosecutor's Office (WKStA) following the real estate company's billion-dollar bankruptcy.
They are calling for investigations into the empire of the absconded Austrian real estate investor René Benko.
The lawsuit was filed at the end of last week by a Viennese law firm on behalf of a group of domestic and international investors.
She had granted Signa long-term loans, as the
press
reported.
Signa Development, one of the largest companies within the Signa network, conducted "unlawful transactions" before filing for bankruptcy on December 29, the lawsuit says, according to the
Financial Times
.
The investors are missing a total of 662 million euros
The Signa investors' accusation against René Benko runs an impressive 22 pages.
In it they state that they have “detected a significant outflow of assets amounting to more than 662 million euros from Signa Development to (indirect) shareholders and sister companies”.
However, there is “no economic or operational justification” for this, the lawsuit continues.
Signa construction site © IMAGO/Michael Gstettenbauer
Signa Holding GmbH, which includes numerous commercial properties in Germany and Austria as well as the Galeria Karstadt Kaufhof department store group, filed for bankruptcy at the end of November (November 29, 2023).
The bankruptcy was declared for a total of 8.6 billion euros.
Signa creditors fear a total loss of their investments
With the insolvency of Signa Development, which was responsible for the development of local real estate, Benko has now added another problem child.
The lawsuit also states that no essential information was disclosed to the creditors.
Signa investors now fear a complete loss of their investments.
(Fabian Hartmann)