Unlock free Digest editor
Roula Khalaf, editor of FT, chooses her favorite story in this weekly newsletter.
The Saudi Arabian Sovereign Wealth Fund has requested a family eviction of a bankruptcy European property Tycoon René Benko from his palace home in Innsbruck, as he tries to recover millions of losses from the sign of the sign of the sign.
In a letter seen by the Financial Times, lawyers acting for a branch Saudi Public Investment Fund (PIF) wrote the guardians of the Laura Foundation, an entity based in Lihtenstein, which Benko used to manage his personal wealth, demanding that he stop all payments to users.
“Me. . . They urgently demand that Laura Foundation take all steps to immediately remove the Benko family from the estate located in Viller Steig, Innsbruck-IgLS, owned by the Laura Foundation, “the letter from January 27.
Demand is a great illustration of how far away Benko fell.
At the height of his success, he was one of the richest entrepreneurs in Europe, who became older politicians in Europe speaking German.
At one time, some luxury properties seemed beyond his understanding: with partner investors, he acquired Selfidges in London, Kadewe in Berlin and the Chrysler building in New York.
House in Viller Steig 2, located on a plateau overlooking the Western Austrian city of Innsbruck, was Benk’s residence and is one of the most important properties in the Alps.
Benko was built on the intention of 2018, after the demolition of a large hotel in place.
His property encouraged the empire the visible gorgeous way of life – luxurious homes intermittent Europe – which lasted until the implosion of the signature 16 months ago.
A few hours before Signin’s decay began in November 2023, Benko painted his personal private jet in Barcelona from his house in Austria at the afternoon with his wife.
Investors in Sisak Now billions are owed. Saudi Pif is one of the greatest creditors. Total, PIF owes hundreds of millions of demolished signatics subjects.
Administrators warned creditors that they would probably only get a fraction of their money.
The widespread nature of the sign group – which made hundreds of individual companies, without central consolidated accounts – has a complicated effort to recover.
To what extent, Benk’s personal financial affairs were involved in group entities, especially in focus.
Last month Benko was arrested Austrian police.
Prosecutors accused him of making incorrect statements during the insolvency procedure in an attempt to embezzle property.
Laura Foundation – named after Benk’s daughter – is also at the heart of their investigation. They state that he maintains control of the basis on the length of his hands and used it to hide the right proportion of his wealth.
“He hid the property and excluded the wealth that was kept in the Foundation from the Law Bodies, Administrator and creditors,” the statement said, pointing to the evidence collected in a months -long investigation that included telephone control.
Financial times reported last year That the sign of the group signature has transferred more than € 300 million in two entities that have controlled the foundation before inconsistent.
Benk’s lawyer did not answer the commentary request.
His lawyer said in December that Benko had denied the charges against him. “Any allegation against him can be clarified as essentially incorrect,” he said.
Saudi Pif refused to comment.
Additional reporting Ahmed al Ombrana
