Mystery surrounding the whereabouts of 300 million euros at Signa Development
Published: Thursday, Feb 1st 2024, 17:01
Updated At: Friday, Feb 2nd 2024, 00:59
العودة إلى البث المباشر
Shortly before filing for insolvency, the real estate developer Signa Development allegedly paid EUR 300 million to two companies in Innsbruck that are linked to the real estate mogul René Benko, as reported by the "Financial Times".
The insolvency administrator Andrea Fruhstorfer sharply rejects this, according to the Austrian newspaper "Der Standard" on Thursday. The accusation that funds were shifted to Signa founder Benko is "incorrect". However, there are claims against "related companies of the Signa Group".
"According to current information, the reported 300 million euros have been used for Signa real estate projects," the newspaper quotes the Viennese lawyer and Signa Development insolvency administrator.
Specifically, according to the Financial Times, it concerns Laura Finance Holding GmbH and Laura Holding GmbH. The former lent Development 125 million euros shortly before it went bankrupt, the latter 190 million euros. The documents showing these money transfers only came to light on December 29, the day of Development's insolvency, after creditors were presented with the relevant documents.
There was no explanation as to how the questionable loans came about. The question therefore arose as to whether Benko had diverted money just before the insolvency.
According to the entry in the company register, the two Laura companies that received the millions are not Benko companies at all, although they have only recently ceased to be. In December - just a few days before the development insolvency - "extensive ownership shifts" took place, writes "Der Standard". Since then, the majority has no longer belonged to companies and foundations close to Benko, but to his most important major investors.
According to Der Standard, the insolvency administrator's denial leaves questions unanswered. To which "Signa real estate projects" did the millions flow? And why? And above all: do the two Laura companies referred to in the Financial Times play any role in the case or none at all?
Various Swiss shareholders involved
Laura Holding GmbH is particularly relevant. The other company, Laura Finance Holding GmbH, is reportedly a subsidiary of this Laura Holding. According to the company register, Benko's Laura Private Foundation only holds a minority stake of 42 percent in Laura Holding GmbH. The rest belongs to Benko's most important business partners: the German Fressnapf founder Torsten Toeller (10 percent); the Swiss ex-Lindt&Sprüngli Group boss Ernst Tanner (3 percent), the Swiss coffee machine entrepreneur Arthur Eugster (10 percent) and the Liechtenstein-based Ameria Invest, which is allegedly backed by the Brazilian entrepreneurial family Arduini (35 percent).
However, according to the "Standard", this ownership structure only came about just before the development insolvency, specifically in mid-December 2023. According to the company register, Torsten Toeller only acquired his 10 percent stake on 15 December - previously this share would have been held by the Benko family private foundation.
The same applies to the Brazilian Arduini family. They too only became part owners of Laura Holding at the beginning of December. The previous owner of their 35 percent share was also a company belonging to the Benko family private foundation.
Conclusion: Just a few weeks ago, Laura was actually a Benko company, at least the majority of it. Then, however, just before the development went bankrupt, Benko sold large parts to two of his long-standing investors, according to the "Standard". And finally, according to the Financial Times, the aforementioned 300 million euros flowed into Laura under new ownership.
If there really were unlawful outflows of assets before the bankruptcy, the other creditors would be harmed. When asked by the "Standard", Fruhstorfer did not want to comment on the matter, saying that "nothing could be said at present". There has also been no response from the insolvent company Signa Development.
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