Benko relies on his mother for financial support after declaring bankruptcy

Benko relies on his mother for financial support after declaring bankruptcy

According to a report in the “Tiroler Tageszeitung” (Saturday edition), the founder of the troubled Signa conglomerate, Rene Benko, who is privately bankrupt, has declared minimal assets in his bankruptcy proceedings. It has been revealed that he is now reliant on financial help from his mother, according to the insolvency administrator’s report quoted in the newspaper.

The report states that until November 2023, Benko earned a gross monthly salary of 60,480 euros as an “employee” of Signa Holding and also received an annual bonus based on Signa Holding’s profits, which sometimes reached up to one billion euros. Additionally, he received substantial fees through consulting contracts with Signa companies, totaling 200,000 to 300,000 euros annually. It was previously disclosed in the U-Committee that Benko received a salary of 29 million euros in 2019 alone.

Currently, Benko has claimed to be earning 3,700 euros a month as an employee of two of his companies. His ability to sustain himself solely relies on financial support from his family, particularly his mother, as stated in the insolvency administrator’s report. The report also mentions that his bank accounts hold relatively small amounts of money.

Benko’s list of assets is currently under review. It has been found that he does not own any properties or investments in Austria according to the land and commercial register. Furthermore, he is not a beneficiary of the Laura Private Foundation and the Benko Family Private Foundation. The insolvency administrator’s report has not provided any documents for two other foundations in Liechtenstein.

Insiders and media reports suggest that despite declaring bankruptcy, Benko and his family are still enjoying luxuries such as expensive horse riding tournaments attended by his wife Nathalie and the daughters’ lavish expenses. Benko is speculated to have transferred his assets somewhere, as his current financial state does not align with his previous wealth and expenditures.

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