The insolvency-related fraud trial of fallen Austrian property tycoon Rene Benko entered its second day on Wednesday, with a ruling expected in the afternoon in the first case connected to the collapse of his Signa property empire.
Signa became the biggest casualty of Europe's property downturn when some of its main units filed for insolvency in 2023. Prosecutors are conducting a sprawling investigation into possible crimes committed, and estimate the related damage caused at around 300 million euros ($349 million).
The case being heard in Benko's home city of Innsbruck this week deals with just a fraction of that sum - about 660,000 euros in total which prosecutors allege Benko diverted in an attempt to keep the money beyond the reach of creditors in the context of his insolvency as an entrepreneur.
Benko has pleaded not guilty and his lawyer Norbert Wess told the court the accusation was "absurd". Benko faces up to 10 years in prison if convicted.
The case centres on two lump sums including up-front rent and other payments of around 360,000 euros in 2023, the year major Signa units filed for insolvency, for a house in Innsbruck that prosecutors argue made no sense because the property was in need of repair and uninhabitable at the time.
The remaining 300,000 euros were ostensibly a gift to his mother, prosecutors said.
His lawyer Wess said there was nothing improper about the payments and that Benko moved into the house with his family sooner than prosecutors alleged.
With only a handful of witnesses due to be heard, a ruling was likely to be issued later on Wednesday. It is the first of two cases prosecutors have brought against Benko so far.
($1 = 0.8598 euros)
Investigators found a sticky note bearing the names and mobile phone numbers of four left-wing public figures while searching the home of the suspe...
The United States and China should have “no illusions” about their differences on artificial intell...
Pope Leo arrived in Peru on Wednesday for an emotional homecoming, the first Peruvian citizen to lead the Catho...
Delegations from Russia, Ukraine and the United States met in Abu Dhabi on Tuesday for their first formal talks in nine months. They did so with no agreement on what a ceasefire would be tied to or who gets to keep the land currently under Russian control.
UN Secretary-General António Guterres delivered a stark warning at this year's COP31 summit, saying the climate crisis iss advancing faster than governments' efforts to contain it.
At least 17 people have been reported killed in an explosion at a steel plant in western Türkiye, after a crane collapsed during maintenance work. The disaster has prompted a criminal investigation into what went wrong at the industrial facility.
Armenia could lose its voting rights within the Collective Security Treaty Organization (CSTO) on 11 November after failing to pay membership fees for more than two years, Russian Foreign Minister Sergey Lavrov has said.
U.S. envoy Jared Kushner said Washington believes the Russian President is prepared to reach a peace agreement under the right conditions, as U.S., Russian and Ukrainian delegations began trilateral talks in Abu Dhabi on Tuesday 10 November.
Investigators found a sticky note bearing the names and mobile phone numbers of four left-wing public figures while searching the home of the suspect in last month’s deadly shooting near Paris, France’s national anti-terrorism prosecution office (PNAT) said on Wednesday.
The United States and China should have “no illusions” about their differences on artificial intelligence, even as they work together to manage the technology’s risks, U.S. Treasury Secretary Scott Bessent has said.
Pope Leo arrived in Peru on Wednesday for an emotional homecoming, the first Peruvian citizen to lead the Catholic Church, after wrapping up a visit to Argentina that drew a record six million people over three days.
Iran will not let a single particle of its enriched nuclear material leave the country, and any new U.S. attack would be met with strikes on distant American bases, Iranian security chief Mohsen Rezaei has said.
Four million workers across Spain joined a general strike on Wednesday over the country’s deepening housing crisis, unions said, bringing disruption to factories, ports, shops and public transport just weeks before a snap general election.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment