An arrest warrant has been issued for René Benko, the Austrian billionaire behind the embattled Signa Group, by prosecutors in Trento. This comes amidst allegations of corruption involving business figures and public officials in Trentino–Süd Tirol, the region bordering Austria.
Benko’s legal troubles follow the high-profile collapse of his real estate and retail empire last year, which sent shockwaves through the financial world.
Italian authorities have placed several individuals under house arrest, including Heinz Peter Hager, an accountant from Bolzano, and Cristina Santi, the mayor of Riva del Garda. Investigators suspect a network of business interests may have exerted undue influence over local officials. The Trento District Attorney’s Office has confirmed nine arrests, though it refrained from directly naming Benko in its statements.
Benko’s lawyer, Norbert Wess, has issued a statement affirming his client’s cooperation with authorities. “Mr. Benko remains confident that these allegations will be proven baseless,” Wess stated.
The scrutiny surrounding René Benko extends beyond Italy. Signa Group’s financial collapse has triggered investigations in Austria, Germany, and Liechtenstein. The group, once synonymous with luxury and prestige,had high-profile assets like the Chrysler Building in New York, a stake in Selfridges, and a luxury hotel in Venice.
Signa collapse
However, Signa’s fortunes unraveled late last year as rising interest rates devalued its extensive property portfolio. The company’s attempts to restructure were thwarted when Austria’s Supreme Court declared its restructuring plan unlawful, forcing its flagship unit, Signa Prime Selection AG, into bankruptcy.
This latest investigation highlights the fallout from Signa’s implosion, with authorities now probing whether questionable dealings extended to public officials in Trentino–Süd Tirol. While Benko’s legal team continues to deny any wrongdoing, further developments in the case are anticipated as investigators dig deeper into the alleged network of corruption.
The case casts a spotlight on the region’s political and economic landscape, raising questions about the interplay between business power and governance in one of Italy’s wealthiest areas.
