R
ene Benko, the Austrian billionaire behind Signa Holding's $27 billion property empire, has been charged with insolvency fraud by Austrian authorities. He has been in custody since January and faces allegations of funneling assets away from creditors.

    Prosecutors claim Benko made unwarranted pre-payments on a home rental contract and offered gifts to conceal over $750,000 from creditors during his personal insolvency proceedings. Signa's collapse in 2023 had significant repercussions for major lenders like Swiss bank Julius Baer and Austrian bank Raiffeisen Bank International.

    The court-ordered sale of Signa's stake in the Chrysler Building is still pending, despite an order issued at the end of last year. Dozens of creditors have submitted claims totaling over $1.2 billion since the insolvency filing. Benko has denied any wrongdoing, but this is not his first brush with controversy – he received a tax fraud conviction in 2012 and was acquitted on bribery charges two years ago.