Latest news with #insolvency
France 24
2 days ago
- Business
- France 24
Fallen Austrian tycoon Benko charged with fraud
Benko, once one of Austria's richest men, founded the Signa real estate empire in 2000, but the debt-laden group crumbled in 2023 in the largest insolvency proceedings in the country's history. Signa has creditors in Europe but also the United Arab Emirates and Thailand. Signa shot to prominence with its vast portfolio including New York's Chrysler Building and several prestigious department store chains in Europe. Prosecutors have been investigating Benko on suspicion of fraud and other offences. Benko, 48, is charged with concealing assets amounting to some 660,000 euros ($770,000) at the expense of creditor claims, prosecutors said in a statement. He faces up to 10 years in prison if found guilty. He has been detained in Vienna since his arrest in January at his villa in Austria's western city of Innsbruck. More than a dozen suspects are being investigated over the insolvency, with damages currently estimated at around 300 million euros, according to prosecutors. In December, Austrian authorities questioned Benko in Innsbruck after Italy issued an arrest warrant against him for allegedly participating in a criminal organisation.
Reuters
2 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
2 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.
CTV News
2 days ago
- Business
- CTV News
Manitobans feeling financial strain: survey
Winnipeg Watch CTV's Katherine Dow talked with licensed insolvency trustee Brad Milne about how Canadians are feeling the strain of recent interest rate pauses.
CTV News
2 days ago
- Business
- CTV News
Alberta leads the country in people reporting financial stress, cautious spending
The latest MNP Consumer Debt Index suggest nearly half of Albertans are $200 or less away from financial insolvency. (File) Albertans are more likely than any other province to report feeling stressed about their finances, according to a new report. The latest MNP Consumer Debt Index shows 41 per cent of Albertans polled say they feel anxious about their financial situation. The report shows two-in-five Albertans are concerned rising interest rates could drive them toward bankruptcy. That same amount are also feeling more cautious with how they manage their money due to current financial pressures; Alberta tops the list in this category. Nearly half of Albertans (47 per cent) say they are $200 or less away from financial insolvency, which is up slightly from the last report. Significantly more Albertans this quarter are concerned about interest rates, with nearly two-in-five concerned rising interest rates could drive them toward bankruptcy Even if rates do go down, many Albertans (46 per cent) remain concerned about their ability to repay debt. This survey was conducted by Ipsos and included interviews with 2,003 Canadian adults conducted between June 9 to June 13. The results are accurate to within +2.5 percentage points, 19 times out of 20.
