Austrian Property Tycoon Rene Benko's Arrest: Allegations of Asset Concealment

Rene Benko, founder of the defunct Austrian property group Signa, has been arrested on charges of falsifying a receipt and hiding assets from creditors amid his company's insolvency issues. Prosecutors allege he controlled a trust in his daughter's name for concealment. Benko denies the allegations.

Rene Benko, the founder of the now-defunct Austrian property conglomerate Signa, has been detained. Authorities accuse him of falsifying receipts and hiding assets to shield them from creditors amid his company's financial collapse.

Prosecutors from Austria's Central Prosecutors' Office for Economic Crimes and Corruption (WKStA) claim Benko was secretly managing a trust named after his daughter to keep assets out of reach of insolvency administrators. The arrest took place at his Innsbruck villa.

While Benko has denied all allegations, this arrest adds to mounting legal challenges. He is also under investigation in Italy for alleged corruption involving political figures. The WKStA continues to conduct investigations related to Benko and Signa.

(With inputs from agencies.)