Hints and tips:
Related Special Reports
...Benko did not respond to a request for comment via his personal corporate email address....
...Benko — a paper billionaire by his early 30s — filed for personal insolvency in Austria last week....
...Benko, the company’s founder and largest shareholder, has spent much of the last year trying to raise cash for the group, as hundreds of millions of euros of debt has come due at a time of falling real estate...
...Benko did not hold any formal managerial role at Signa after a 2013 bribery conviction....
...The network of firms in Benko’s Signa group not only borrowed from banks including Julius Baer and UniCredit, but also relied heavily on funding from more than half a dozen insurers, according to documents...
...A lawyer for Benko, who Forbes ranked as one of the richest Austrians until last year, confirmed that he filed a motion on Benko’s behalf on Wednesday evening....
...Austria’s anti-corruption prosecutors have opened an investigation into property mogul René Benko for allegedly defrauding a bank....
...A lawyer for Benko did not respond to a request for comment on the Liechtenstein investigation, which was first reported by the Swiss financial blog, Inside Paradeplatz....
...In just 27 days, someone will be the new lucky owner of… 🧻 Benko’s toilet roll holder (current bid €70) 🏢 A scale model of a landmark Signa development, which may or may not end up being worth more than...
...At the time, the move was seen as one of Benko’s boldest bets yet and a signal that Signa saw a future in the cut-throat world of New York property speculation....
...“A lot of his success depended on . . . making the right connections. That’s how a lot of business works . . . but Benko took it further.”...
...“We need peace and order for these Signa companies, their partners, investors and employees,” said Gusenbauer — a former chancellor of Austria who was brought into Signa by Benko in 2010....
...The board of Benko’s company Signa has ousted him. The focus has shifted to lenders. Julius Baer appears to be one of them. A trading update included large provisions and a hit to profits on Monday....
...Behind its glamorous showcase of addresses, however, stood a highly leveraged network of more than 1,000 corporate entities, run by Benko and a small loyal team from the company’s headquarters in the alpine...
...Benko built Signa over the past two decades, becoming a billionaire by the time he was 40. His personal fortune was estimated by Forbes this year at €6bn....
...Creditors to the two biggest companies in René Benko’s property empire will receive just €2.5bn back, from more €15bn of claims, according to a five-year windup plan approved on Monday....
...In November, one of Globus’s ultimate co-owners, René Benko’s Signa Group, collapsed. This tale is really Signa’s story....
...Benko’s co-investors have refused to stump up more cash and there was a boardroom rebellion at the beginning of this month....
...Signa has appointed a new chair to spearhead a restructuring of the indebted European property group after shareholders rebelled against founder René Benko....
...Email Robert at magazineletters@ft.com Follow @FTMag to find out about our latest stories first and subscribe to our podcast Life and Art wherever you listen...
...While its beneficiaries are not disclosed, the foundation is controlled by Benko’s mother, Ingeborg, according to Austrian public records. Benko’s daughter is called Laura....
...Signa, which went bankrupt in November, owns the KaDeWe building through a separate structure to its operating company and charges it rent....
...And a defiant Benko gave a speech....
...Benko was acquitted of bribery charges in a separate case in January. Additional reporting by Owen Walker...
...where Benko maintained opaque finances for many years....
International Edition