Yahoo Finance Porsche seized as police raid former Selfridges tycoon’s mansion
Austrian police have raided the home of former Selfridges co-owner Rene Benko as part of a fraud inquiry into the collapse of his property empire.
As part of the investigation, investigators seized a range of assets from Mr Benko’s mansion in Innsbruck, including a Porsche sportscar.
It comes as Mr Benko faces allegations of embezzlement, fraud and fraudulent bankruptcy.
The claims emerged following the collapse of Signa last year, which filed for the largest bankruptcy in the country’s history.
Plunging property prices and high interest rates put the squeeze on Signa’s highly indebted property portfolio, prompting a debt crunch and subsequent collapse of the company.
As well as owning assets across Europe, Signa was the co-owner of London’s landmark Selfridges department store up until late last year.
The group also owned the Chrysler building in New York and swathes of property in Ireland. At one time, the group’s property portfolio was worth up to €30bn (£25bn) – making it one of the biggest landlords in the world.
Austrian anti-corruption officers are probing Mr Benko’s affairs and whether he disguised the true scale of his wealth from authorities.
According to Austrian media reports, the investigation includes allegations that Mr Benko concealed assets such as sports cars and weapons from a list of assets to be used in bankruptcy proceedings.
This includes paying €69,000 for two weapons in January 2023 and registering a Glock in his name a month before Signa collapsed. Glock is a major Austrian weapons producer.
He also allegedly sold a Porsche 911 Speedster for €150,000, withdrew large sums of cash and paid his wife €2m in January 2023, according to the reports.
Bankruptcy proceedings were opened against Mr Benko in March, with prosecutors also raiding Signa’s offices as part of the investigation.
Alongside Austria, authorities in Germany and Liechtenstein are also probing the collapse of the Signa Holdings empire and Mr Benko.
The broader fallout from Signa’s collapse is still rumbling through the courts, with Austrian officials seeking to stop a restructuring agreement to ensure the company’s bankruptcy process proceeds.
Such a process would likely shed more light on the affairs of Signa before it folded.
Investors are also chasing Mr Benko and Signa for cash, with Abu Dhabi’s sovereign wealth fund Mubadala Investment among those seeking more than $1bn (£790m) through arbitration.
Mr Benko’s lawyer Norbert Wess said his client was cooperating with the investigation.
He said: “A search is currently being carried out on-site in order to seize any documents relating to the allegations that have already been reported.”
