According to the media, Signa Development transferred millions to Benko companies

There is another side to Signa Group's insolvency: according to a report in the Financial Times, the now bankrupt Signa Development has transferred more than 300 million euros to two companies with close ties to Signa founder René Benko.

According to a report released on Thursday, Signa Development lent €125 million to Laura Finance Holding GmbH and another €190 million to Laura Holding GmbH. Laura Holding's shareholder is the Laura Private Foundation, named after Rene Benko's daughter, with a 42.1% stake. The donors here are Rene Benko and his mother Ingeborg.

In addition to the payments to Laura's companies, Signa Development transferred hundreds of millions of euros to other Signa Group companies. According to Signa Development's bankruptcy filing, the official does not expect to receive anything, Italian news agency ANSA reported.

Cigna Group, founded by Austrian Rene Benko, entered a crisis after a strong growth phase due to rising interest rates, construction costs and energy prices. The group includes, among others, the Elbtower project in Hamburg and the department store group Galeria Karstadt Kaufhof. In Switzerland, the group owns a 50% stake in the Globus department store group. (saw/sda/awp/apa)