Overview
- German and Italian investigators conducted coordinated searches at Signa properties in Austria, focusing on documents from twelve companies tied to Munich projects like Projekt Franz and Alte Akademie.
- René Benko, the founder of the now-insolvent Signa Group, is under investigation for suspected fraud and breach of trust involving hundreds of millions of euros.
- Probes also examine whether Benko and associates misappropriated funds from Signa and defrauded a Saudi Arabian sovereign wealth fund.
- Italian prosecutors allege that Benko and others engaged in real estate corruption, including forming a criminal organization, bid-rigging, and fraud.
- Signa’s collapse in 2023, driven by rising interest rates and internal issues, left creditors with claims exceeding €2.4 billion, intensifying scrutiny of its operations.