René Benko's Bankruptcy Sparks Legal Battle Over Hidden Assets

The former billionaire faces scrutiny over alleged concealed wealth, as his mother and family foundations come under investigation in Austria.

René Benko, the Austrian real estate investor and former billionaire, declared bankruptcy in 2024 with debts of approximately €47 million, but is suspected of concealing significant assets in family foundations.
Benko's mother, Ingeborg Benko, is accused of managing hidden wealth through private foundations, allegedly enabling her son to maintain a luxurious lifestyle despite his declared insolvency.
The insolvency administrator, Dr. Andreas Grabenweger, has filed a lawsuit seeking control over the foundations, which reportedly hold assets including real estate, art, and aircraft worth up to €1 billion.
A court hearing in Innsbruck on Thursday was cut short due to questions over whether the lawsuit targeted the correct legal entity; a ruling on this procedural issue is expected in the coming weeks.
Benko is currently in pre-trial detention in Vienna, facing charges of fraud and breach of trust, while investigations have also extended to other family members, including his sister Verena.