Benko’s entanglements in Switzerland
Published: Monday, Sep 30th 2024, 13:50
Back to Live Feed
René Benko was not only involved in the retail real estate sector in Switzerland. The fallen Austrian real estate mogul also operated various businesses from Switzerland. Many companies in his opaque network of companies are based in this country.
For example, Signa Retail Selection AG, the parent company of Galeria Karstadt Kaufhof, is based at the Globus headquarters at Bärengasse 29 in Zurich, as is Signa European Invest Holding AG, which owns half of Globus, and many other companies in Benko's empire.
However, numerous investors who have participated in Benko's business also come from Switzerland. For example, the German logistics entrepreneur Klaus-Michael Kühne, who lives in Switzerland, has put money from his private holding company into the Signa empire. In an interview with the "Sonntagszeitung" newspaper, he put his loss at a three-digit million figure.
But banks from Switzerland were also among the backers of the fallen real estate king. Bank Julius Baer was hit the hardest. It had granted the Signa Group so-called "private debt" loans amounting to more than 600 million francs. The bank had to write off this amount in full in the course of Benko's insolvency, which cost its former head Philipp Rickenbacher his job.
Signa was apparently in debt to the tune of 30 million euros to the Zurich private bank IHAG. The private bank, which also struggled with scandals involving aiding and abetting tax evasion by American citizens, was therefore recently sold. Bank Vontobel took over its client book.
Migros Bank and four cantonal banks also lent millions to the Signa Group. According to its own statements, Migros Bank is involved in a syndicated loan of 97 million Swiss francs from several Swiss banks. Although it did not name the company, it must be Signa.
The Aargauische Kantonalbank also granted the Signa Group a loan of CHF 73 million, the Graubündner Kantonalbank one of CHF 60 million and the cantonal banks of Obwalden and Valais one of just over CHF 24 million each. However, all the banks stated that these were mortgage-backed property loans.
As the former owner of Globus, the Migros Cooperative had granted the joint venture between Signa and the Thai Central Group a loan of CHF 125 million. However, "only" 15 million francs of this had to be paid back. The rest of the money was "secured by valuable guarantees", as Migros CFO Isabelle Zimmermann said in the spring.
©Keystone/SDA
English 
German 
French 
Spanish 
Arabic