Rene Benko's Legal Battleground: From Tycoon to Trial

Austrian ex-property tycoon Rene Benko faces trial for insolvency fraud, accused of concealing cash and valuables amidst the collapse of Signa, his property group. Prosecutors suspect significant damages from crimes as Benko maintains innocence. The trial follows a prior conviction, with potential for a lengthy prison sentence.

Former Austrian property mogul Rene Benko is once again in the dock, facing insolvency fraud charges as he stands trial for allegedly concealing substantial cash and luxury items. This follows a sweeping investigation linked to the 2023 collapse of his property empire, Signa, which marked Austria's largest postwar bankruptcy.

On Wednesday, the proceedings focused on accusations that Benko and his wife, Nathalie, hid 120,000 euros in cash and nearly 250,000 euros worth of items, including luxury watches, to avoid creditor claims. Benko's legal team dismissed the allegations as unfounded, attributing the concealed items to personal circumstances.

While the financial stakes of this trial are modest compared to the broader damage linked to Signa's downfall, the potential sentence is severe—up to 10 years in prison. This case adds to Benko's legal challenges, as he contests an existing guilty verdict and remains in custody amid ongoing appeals.

(With inputs from agencies.)