"On day two of testimony in the first of a number of criminal cases against Austrian real estate developer Rene Benko, observers expect the court could quickly move to sentencing. The 48-year-old ex-billionaire is accused in the case before the Innsbruck State Court of having defrauded investors out of large sums of cash, 660,000 ($698,000) of which he reportedly attempted to shield by "gifting" it to his mother as "advance rent payments.""
"In all, there are currently 14 cases pending against Benko. Most charges against the bankrupt former tycoon revolve around fraud and breach of trust. Benko amassed large sums of money with his company Signa a conglomerate of more than 1,130 opaquely arranged companies founded in 2000 until low interest rates sent the behemoth into a financial tailspin that ultimately resulted in bankruptcy."
Rene Benko, a 48-year-old ex-billionaire and founder of the Signa conglomerate, faces commercial and personal bankruptcy charges alleging fraud and breach of trust. Prosecutors say he defrauded investors and attempted to shield 660,000 ($698,000) by "gifting" it to his mother as "advance rent payments." Investigators allege he transferred funds tied up in bankruptcy into private accounts to diminish creditors' claims. Benko has pleaded innocent and refused to answer further questions. He faces between one and ten years in jail if convicted. Fourteen criminal cases are currently pending against him. Signa consisted of more than 1,130 opaquely arranged companies and collapsed after rising interest rates pushed it into bankruptcy.
Read at www.dw.com
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