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...Creditors of the two most important companies in the bankrupt Signa property group are pushing to oust management and hand over control to independent auditors, over fears their interests are being sidelined...
...The company was the most cash-generative part of the Signa group....
...Management of the division was taken over by Thomas Coesfeld, the 33-year-old scion of Bertelsmann’s owners, the Mohn family, last year....
...The conglomerate never published consolidated accounts, and its three holding companies have different administrators, management teams and creditor groups....
...The company is currently in “self-administration” — a situation in Austrian law where existing management may attempt to restructure a company, with only arms-length supervision by a third-party administrator...
...Raiffeisen continued to work on a potential transaction, a sale or a spin-off, which would result in the de-consolidation of Raiffeisenbank Russia from the group.”...
...And today, under BlackRock’s ownership, it is the world’s leading ETF business, by assets under management....
...Haldenwang’s management style also contrasts that of his predecessor. Politicians who work with him say he is diligent, unassuming and focused on detail and steady progress, rather than grandstanding....
...*Ignites Europe is a news service published by FT Specialist for professionals working in the asset management industry. Trials and subscriptions are available at igniteseurope.com....
...The group also allegedly smuggled a special laser, with military applications, bought using funds from the MSS, to China without it being declared, according to the prosecutor....
...Petrus Advisers — one of Temenos’ biggest shareholders — on Friday responded by accusing Hindenburg of sloppy research, while using the controversy to double down on its own call for a management change....
...Gunvor’s management practices and corporate culture at the time of the offences was “manifestly insufficient in preventing the realisation of the substantial risks of corruption inherent to the group’s activities...
...During his interview with the FT (February 23), Mondelez chief executive Dirk Van de Put proclaimed that investors do not “morally care” if groups stay in Russia, reducing a diverse and engaged group of...
...Management of the 116-year-old Berlin institution said that despite booming sales they could not afford to pay rising rents demanded by the Signa Group and the business needed urgent restructuring....
...The loan was extended in the summer of 2023, at a period when the WKStA believes it was already clear to Benko the Signa Group was financially in trouble....
...“The problem over the past 50 years was not globalisation, it was globalism,” says Ian Bremmer, the founder of Eurasia Group....
...Israel has traded daily fire with Hizbollah, the Lebanese militant group and Iran’s most important proxy, and targeted Revolutionary Guards members in Syria....
...The Bundeswehr’s existing structure evolved piecemeal over three decades to broadly respond to “crisis management” operations in Germany and humanitarian situations abroad....
...The haircut underscores the distress in the European commercial property market — in which Signa Group companies must now sell assets — and raises fresh questions over the opaque way the sprawling group...
...It applied for “self-administration” under Austrian law, a procedure by which its management would seek to restructure the company themselves....
...Munich’s state prosecutor is looking into allegations of money laundering at the Signa Group, René Benko’s collapsed luxury property empire....
...In January the FT reported on huge unexplained flows of money between Signa-group entities and Benko’s Austrian foundations, which had raised alarm bells for creditors as they gained information of the group...
...But Globus is also facing problems, despite its management’s perseverance. Even before the pandemic, it was suffering from falling sales....
...As a result, “all these terror groups have a lot of space to manoeuvre”....
...sam.jones@ft.com Letter in response to this article: Vienna was at the centre of global crisis once before / From Dr John Doherty, Vienna, Austria...
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