At its height Signa sat atop a sprawling empire of luxury buildings and addresses in Europe and America including New York’s Chrysler Building, London’s Selfridges and Berlin’s KaDeWe. Selfridges in turn owns Irish department stores Brown Thomas and ArnottsMunich’s state prosecutor is looking into allegations of money laundering at the Signa Group, René Benko’s collapsed luxury property empire.
“We have not been informed of any investigations by the Munich public prosecutor’s office,” Mr Benko’s lawyer said, pointing out that his client’s name had not been mentioned by authorities in connection with any potential proceedings against Signa or related entities.Mr Benko intends to fully co-operate with authorities to help with any investigations should they get in touch, he said.
As interest rates rose in the US and Europe in 2022 and 2023, Signa’s financial strength was sapped. Mr Benko has spent much of the past 18 months racing to try and plug widening financial holes in his businesses.
Source: Real Estate Daily Report (realestatedailyreport.net)