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)
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Welcome to our live coverage as the conflict involving Iran enters its 11th day. Tensions in the region remain high as the United States and Iran exchange increasingly sharp warnings over the strategic Strait of Hormuz, a critical artery for global oil supplies.
British MPs have rejected a proposal to introduce an Australia-style ban on social media for under-16s, opting instead to give ministers flexible powers to impose restrictions on platforms.
Azerbaijan is evacuating nearly 200 people from the Middle East on a special charter flight departing from Oman.
Australia has granted humanitarian visas to five Iranian women footballers who sought asylum, fearing persecution after refusing to sing their national anthem at an Asia Cup match.
Mojtaba Khamenei, son of the late Ayatollah Ali Khamenei, is a hardline cleric with strong backing from the Islamic Revolutionary Guard Corps. His rise signals continuity in Tehran's anti-Western policies.
Global oil prices surpassed $119 a barrel on Monday (9 March, 2026), an almost four year high, as the Middle East conflict rumbled on.
China has urged Afghanistan and Pakistan to resolve their dispute through dialogue after Chinese envoy Yue Xiaoyong met Afghan Foreign Minister Amir Khan Muttaqi, as fighting between the two neighbours entered its eleventh day.
Iran named Mojtaba Khamenei to succeed his father Ali Khamenei as supreme leader on Monday (9 March), signaling that hardliners remain firmly in charge, as the week-old U.S.-Israeli war with Iran pushed oil above $100 a barrel.
Entry and exit across the state border between Azerbaijan and Iran for all types of cargo vehicles, including those in transit, will resume on 9 March, according to a statement by the Cabinet of Ministers of Azerbaijan.
U.S. Ambassador to the United Nations, Mike Waltz, has addressed the U.N. Security Council, saying the world must consider how effective its engagement with the Taliban-run country is as millions face hunger.
British MPs have rejected a proposal to introduce an Australia-style ban on social media for under-16s, opting instead to give ministers flexible powers to impose restrictions on platforms.
Australia has granted humanitarian visas to five Iranian women footballers who sought asylum, fearing persecution after refusing to sing their national anthem at an Asia Cup match.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 10th of March, covering the latest developments you need to know.
U.S. President Donald Trump called his recent phone conversation with Russian President Vladimir Putin “very good.” The two leaders spoke on Monday about the situation in Iran and other international issues.
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