Signa Development transferred millions to Benko companies, according to the media
Published: Thursday, Jan 25th 2024, 15:20
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The insolvency of the Signa Group has been enriched by another facet: according to a report in the "Financial Times", the now insolvent Signa Development has transferred more than 300 million euros to two companies with close links to Signa founder René Benko.
According to a report on Thursday, Signa Development lent 125 million euros to Laura Finance Holding GmbH and a further 190 million euros to Laura Holding GmbH. The Laura Private Foundation, named after René Benko's daughter, is a 42.1 percent shareholder in Laura Holding. The founders are René Benko and his mother Ingeborg.
In addition to the payments to the Laura companies, Signa Development transferred hundreds of millions of euros to other companies in the Signa Group. According to Signa Development's insolvency declaration, the administrator does not expect to get anything back, reported the Italian news agency ANSA.
After a period of strong growth, the Signa Group, founded by Austrian René Benko, has plunged into crisis in the face of rising interest rates, construction costs and energy prices. The group includes the Elbtower project in Hamburg and the department store group Galeria Karstadt Kaufhof. In Switzerland, the Group holds a 50 percent stake in the Globus department store group.
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