Latest news with #ReneBenko
The Sun
6 days ago
- Business
- The Sun
Austrian prosecutors charge property tycoon Benko with fraud
VIENNA: Austrian prosecutors have formally charged Rene Benko, the disgraced founder of the failed Signa property empire, with insolvency-related fraud. The former billionaire has been detained for over five months as authorities investigate multiple financial crimes. The Central Prosecutors' Office for Economic Crimes and Corruption (WKStA) alleges Benko diverted assets that should have repaid creditors, including transferring funds to a trust benefiting his immediate family. He denies all accusations. Key allegations include a questionable 300,000-euro gift to relatives and a 360,000-euro rental advance deemed unjustifiable. The case forms part of a wider probe into suspected fraud, with total damages estimated at 300 million euros. Investigators also accuse Benko of misrepresenting shareholder investments, fraudulently obtaining COVID-19 relief, and misusing sovereign wealth funds for a Munich property project. No further suspects have been named. - Reuters
Reuters
6 days ago
- Business
- Reuters
Austrian prosecutors bring fraud case against Signa founder Benko
VIENNA, July 15 (Reuters) - Austrian prosecutors said on Tuesday they were bringing a fraud case relating to insolvency proceedings against the founder of the collapsed Signa property group Rene Benko. "The prosecutors' office accuses Rene Benko of having prevented or minimised the satisfaction of creditors' claims in the course of his insolvency as an individual entrepreneur by allegedly deviating assets," the Central Prosecutors' Office for Economic Crimes and Corruption said in a statement.
Bloomberg
6 days ago
- Business
- Bloomberg
Signa's Benko Charged in Austria After €23 Billion Bankruptcy
Austrian real estate tycoon Rene Benko was formally charged with fraud after the collapse of his €23 billion ($27 billion) Signa property empire. The businessman, who has been in detention since January, will stand trial for alleged insolvency fraud, prosecutors said in a statement on Tuesday.
Fashion Network
25-06-2025
- Business
- Fashion Network
Selfridges wins approval for private members' club
Selfridges, the department store chain owned by Saudi Arabia's Public Investment Fund and Thailand's Central Group, won approval for a new private members' club at its flagship London outlet. Westminster City Council approved an application to convert space currently used for staff offices into a membership venue with a terrace and private dining room. The proposal is part of a wider plan to launch a new 'exclusive new shopping and social destination for its most valued customers and members' on Duke Street in the spring, according to a filing. London has seen a surge in high-end membership-only venues as affluent residents seek exclusive spaces, especially as flexible working has blurred the lines between professional and personal life. These venues have also become a strategy for real estate owners to generate more revenue from underutilized spaces. Tuesday's council approval grants the owners the right to use the space as a members' club or for retail purposes for a period of 50 years, the filings show. The space is part of the SWOD building, which was built in the 1930s as an extension to the main classical building that faces Oxford Street, one of Europe's busiest shopping thoroughfares. Saudi Arabia's PIF became a minority owner in privately held Selfridges last year after acquiring a 40% stake that had been owned by the Signa Group, the now-defunct real estate empire founded by Austrian Rene Benko. The story of the store's founding in 1909 by US retailer Harry Gordon Selfridge was later adapted into the Mr Selfridge TV series starring Jeremy Piven. The roof gardens, which hosted fashion shows and crazy golf in the years after the opening, were destroyed in the Blitz in 1940. They remained closed for about 70 years before reopening in 2009 for an exclusive pop-up restaurant run by French chef Pierre Koffmann, according to one of the filings for the planning approval.
Fashion Network
25-06-2025
- Business
- Fashion Network
Selfridges wins approval for private members' club
Selfridges, the department store chain owned by Saudi Arabia's Public Investment Fund and Thailand's Central Group, won approval for a new private members' club at its flagship London outlet. Westminster City Council approved an application to convert space currently used for staff offices into a membership venue with a terrace and private dining room. The proposal is part of a wider plan to launch a new 'exclusive new shopping and social destination for its most valued customers and members' on Duke Street in the spring, according to a filing. London has seen a surge in high-end membership-only venues as affluent residents seek exclusive spaces, especially as flexible working has blurred the lines between professional and personal life. These venues have also become a strategy for real estate owners to generate more revenue from underutilized spaces. Tuesday's council approval grants the owners the right to use the space as a members' club or for retail purposes for a period of 50 years, the filings show. The space is part of the SWOD building, which was built in the 1930s as an extension to the main classical building that faces Oxford Street, one of Europe's busiest shopping thoroughfares. Saudi Arabia's PIF became a minority owner in privately held Selfridges last year after acquiring a 40% stake that had been owned by the Signa Group, the now-defunct real estate empire founded by Austrian Rene Benko. The story of the store's founding in 1909 by US retailer Harry Gordon Selfridge was later adapted into the Mr Selfridge TV series starring Jeremy Piven. The roof gardens, which hosted fashion shows and crazy golf in the years after the opening, were destroyed in the Blitz in 1940. They remained closed for about 70 years before reopening in 2009 for an exclusive pop-up restaurant run by French chef Pierre Koffmann, according to one of the filings for the planning approval.
