Investigation Report: Benko Made Decisions at Signa Foundation Effectively Alone

Testimony of the Foundation Board Member

Karin F. is quoted on this matter with the words: "Entscheidungen mit Blick auf die FBPS wurden ausschließlich durch Benko getroffen." It had been "praktisch gar nicht" conceivable that a project of Benko's would have been rejected by the foundation board. With this, the WKStA paints the picture of a foundation in which the formal bodies exercised no effective oversight.

The allegations are at the center of the ongoing investigations surrounding the collapse of the Signa Group. The WKStA is examining, among other things, how decisions regarding capital measures and shareholder changes came about, and whether criminally relevant breaches of duty occurred in the process. Several suspects are involved in the proceedings, including Karin F. as well as other former officials in the Signa sphere such as Arthur A. and Manuel P.

Capital Increase in June 2023

A specific transaction from June 2023 demonstrates, in the investigators' view, Benko's central role in capital measures. Benko sent the framework agreement for the capital increase directly to the shareholders within just a few minutes: at 7:32 a.m. to Fressnapf owner Torsten Toeller, at 7:39 a.m. to former Chancellor Alfred Gusenbauer for Hans Peter Haselsteiner's private foundation, and at 7:45 a.m. to Ameria Invest AG of the Arduini family.

Investigators consider this tight timing to be an indication that Benko independently prepared the capital increase and forwarded it to the investors without consultation with the foundation board. The WKStA sees in this a pattern that repeats itself in other transactions involving Laura Finance Holding and other Signa companies.

In addition to Karin F., Arthur A. and Manuel P. also play a role in the investigations; both are listed as suspects. Former Signa lawyer Norbert Wess is also named in this context. The WKStA is examining the extent to which individual persons supported Benko's decisions or deliberately failed to exercise oversight functions.

Suspects and Open Questions

From a legal standpoint, the report raises questions regarding the fiduciary duty of foundation bodies and the liability of suspects who participated in the preparation or execution of transactions. Should the picture of an effective sole ruler be confirmed, this could result in criminal consequences for those board members who held formal responsibilities but did not fulfill them.

Signa Holding was once one of the largest real estate and retail empires in the German-speaking world before it slid into insolvency. The case has triggered a broad debate in Austria and Germany about the oversight of foundations and the role of political networks. The ongoing investigations are part of one of the largest white-collar crime proceedings in Austria in recent years.

Outlook on the Further Proceedings

The WKStA has so far neither filed charges nor determined the final sentencing for individual suspects. The evaluation of the report and additional evidence is ongoing. Observers expect the authority to decide on further steps such as indictments or dismissals on this basis.

If the prosecutor's office brings charges, the Vienna Regional Court would have jurisdiction. Until then, the presumption of innocence applies to all suspects. The Republic of Austria is also attempting to recover assets from the Signa complex through civil lawsuits.