Accusations against René Benko: “Of course we feel cheated”

“René Benko said that Signa’s problems were caused by banks, rising interest rates and, above all, losses,” said the Italian-Brazilian Investor Riccardo Arduini The Soko Signa investigators were interviewed about the situation at the time. “At that point we were worried we might lose money, but we didn’t think the whole thing would go completely down the drain.”

“Topics sold very well”

In May 2023, Benko wanted to persuade his core investors to undertake a capital increase of 350 million euros “to get Signa back on track, and in return promised to make the outstanding dividend distributions to the shareholders.” René Benko “always sold such topics very well” to the shareholders. “This side of René Benko was always able to convince the shareholders, including us, to give fresh money,” said Arduini.

300 million euros

However, his family and their Ameria Invest AG, which had invested in Signa since 2012, made it clear to Benko in May 2023 that they were not going along with it.

“We would not make any fresh money available until the outstanding loans, meaning 250 million euros to Signa Holding and 50 million euros to Signa Prime Assets, are repaid,” said the investor. “Since no fresh money was expected from Ameria Invest, the existing claims should be converted into equity.”

Benko’s nervousness

In July 2023, Benko held an investor meeting at Villa Eden Gardone on Lake Garda. “René Benko’s nervousness was already noticeable there, there were a lot of people present and they asked a lot of critical questions,” the investor remembered. “At the time, Benko stated that financial resources should also be generated through the sale of real estate. However, it was not clear to me from these statements that bankruptcy was apparently imminent and perhaps there was no alternative.” At around the same time, Benko is said to have asked Arduini to extend the 250 million euro loan granted in 2022. He couldn’t pay it back on time.

Held up repeatedly

“I trusted that we would receive repayment of the loan at a later date,” he continued. “Benko informed us that this loan was primarily needed to support Signa Prime Selection’s Elbtower project (in Hamburg). He also told me that the loan would be repaid within about a month.” Postscript: “Benko repeatedly stalled us and asked to extend the loan.” With the third extension, a deferment until May 31, 2024 was agreed. Signa Holding then went bankrupt at the end of 2023.

Probably lied to

“Of course we feel cheated. After all, we trusted René Benko right up until the end to pay back the loan and, trusting that, we agreed to an extension several times,” said Arduini. “In retrospect, that was a big mistake. He probably lied to me from the start, as I suspect he knew far more than he told me about the strained financial situation.”