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What does the insolvency of the Signa founder mean?

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What does the insolvency of the Signa founder mean?

The question of which assets are actually attributable to Benko and which to his family is likely to be answered differently depending on the perspective. According to media reports, his family foundations are said to include, among other things, valuable works of art by Pablo Picasso. Benko also had a yacht and all sorts of villas. It is unclear how high his debts are.

Also read: Signa bankruptcy – Benko fought “like two lions”

The Austrian tax authorities alone have apparently declared tax debts of almost two million euros due. And the demands on the entrepreneur are likely to be significantly higher. For example, the sovereign wealth fund Mubadala in Abu Dhabi is trying to collect 713 million euros from Benko and Signa companies. It is also conceivable that Benko has assumed personal liability for Signa’s liabilities. It also needs to be clarified which asset movements have taken place in the past.

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