Austrian Tycoon's Guilty Verdict: A Tale of Hidden Luxuries and Bankruptcy

Austrian ex-property tycoon Rene Benko has been found guilty of insolvency fraud for concealing valuables from creditors during the downfall of his property group, Signa. The court issued a 15-month suspended sentence for hiding luxury items. Benko denies wrongdoing and may appeal the ruling.

On Wednesday, Austrian ex-property magnate Rene Benko faced a guilty verdict for insolvency fraud, marking his second conviction for such charges. The trial revealed Benko's concealment of luxury items from creditors following the collapse of his property group, Signa, in a major postwar bankruptcy case.

The court found that Benko, alongside his wife, Nathalie, hid assets including cash, luxury watches, and cuff links worth thousands of euros. However, while Rene received a suspended prison sentence, Nathalie was acquitted, with the court accepting that some assets were gifted to their children.

Rene Benko denies any wrongdoing and is contemplating an appeal, as prosecutors continue broader investigations into Signa's collapse, suspected to have inflicted damage amounting to 300 million euros.

(With inputs from agencies.)