Austrian Tycoon's Second Trial Unfolds Amid Scandal

Rene Benko, a former Austrian property billionaire, faces a second trial related to insolvency fraud. Allegations include hiding significant cash and luxury items. This trial comes after a previous guilty verdict in October. The case connects to Signa's collapse, Austria's largest postwar bankruptcy.

Former Austrian billionaire Rene Benko is facing a second trial for insolvency fraud, following his conviction eight weeks ago. This legal saga stems from allegations related to the collapse of his property group, Signa, that left investors across Europe reeling.

The prosecution alleges that Benko and his wife, Nathalie, concealed cash and luxury items totaling hundreds of thousands of euros from creditors. Located in a safe at his in-laws' residence, these assets included a substantial cash sum and 11 luxury watches.

Although Benko denies any wrongdoing, the current charges could yield a 10-year prison sentence. Prosecutors estimate the total damage from the associated crimes is around 300 million euros. Trials for Benko's legal troubles continue to unfold.

(With inputs from agencies.)