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Austrian former property tycoon Rene Benko has decided to challenge his second conviction linked to insolvency-related fraud, while prosecutors have also moved to appeal the same ruling, calling it too mild. The case relates to valuables found hidden from creditors following the collapse of his Signa property group, Austria's largest postwar bankruptcy. Benko has consistently denied wrongdoing and has already appealed an earlier conviction handed down in another trial. The legal battle now continues on multiple fronts as investigations into Signa's downfall remain active.
Austrian former real estate tycoon Rene Benko has moved to appeal his second conviction for insolvency-related fraud, according to his lawyer Norbert Wess. The decision comes after a regional court in Innsbruck handed Benko a suspended prison sentence of 15 months and imposed a fine of EUR 4,320, equivalent to about USD 5,100. Advertisement
The court found Benko guilty of concealing assets from creditors by storing two luxury watches and four pairs of cuff links in a safe located in the basement of a relative?s home. Prosecutors had argued that the contents of the safe were more extensive, pointing to 11 watches and around EUR 120,000 in cash discovered alongside the cuff links. They have since announced plans to appeal the ruling, stating that the punishment does not reflect the seriousness of the offence.
Benko has rejected the accusations and maintained that he committed no wrongdoing, entering a not-guilty plea during the trial. His legal team has indicated that the conviction will be contested through the appeals process.
The case is part of a broader investigation into alleged offences linked to the collapse of Signa, Benko?s once-sprawling property empire. From 2023 onward, prosecutors began probing suspected financial misconduct following the group?s failure, which triggered heavy losses for investors. The bankruptcy was the largest in Austria since World War II and affected several prominent companies in Germany and Switzerland.
In a separate trial concluded earlier, Benko was convicted on another count of insolvency-related fraud and sentenced to two years in prison. He has also filed an appeal against that verdict. Prosecutors, meanwhile, are challenging the court?s decision to acquit him on an additional charge in that earlier case.
Source Reuters
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