Austrian Tycoon Rene Benko Arrested Over Fraud Allegations

The founder of the collapsed property group Signa faces accusations of concealing assets and falsifying evidence during insolvency proceedings.

Rene Benko, former owner of Selfridges and founder of Signa, was arrested at his villa in Innsbruck, Austria, on suspicion of fraud and asset concealment.
Prosecutors allege Benko hid assets, including valuable items like guns and watches, to prevent creditors from accessing them during his personal bankruptcy proceedings.
Signa, once a major player in European real estate, collapsed in 2023 under financial pressure from rising interest rates, leaving creditors with claims exceeding €2.4 billion.
Benko is also under investigation for alleged misuse of pandemic relief funds and faces an Italian arrest warrant tied to a corruption probe involving northern Italian politicians.
The collapse of Signa, one of Austria's largest insolvencies, has been complicated by its intricate structure of over 100 companies and trusts based in Switzerland and Liechtenstein.