The Signa Collapse and Benko’s Legal Maze: June 2025 Update

Charlene Lensburg
Wed, 04 Jun 2025 13:17:25 +0000
Austria, Bankruptcies, Corruption, Court Cases, ticker, Ingbe, Laura Privatstiftung, Natalie Benko, Rene Benko, Robert Schimanko, Schoeller Group

One of Europe’s largest corporate bankruptcies just got messier. René Benko, founder of the collapsed Signa Group, remains in pre-trial detention as prosecutors widen their net to include his wife, Natalie Benko, and inner-circle associates like banker Robert Schimanko. At the heart of the investigations: embezzlement, fraudulent bankruptcy, off-market asset deals, and suspicious money flows through Liechtenstein foundations.

With creditors chasing billions and new lawsuits launched against powerful entities like Julius Bär and the Schoeller Group, the fallout of the Signa scandal is far from over—and it may redefine regulatory responses to complex corporate fraud in Europe.

Key Points

René Benko remains in custody, facing allegations of fraudulent bankruptcy and embezzlement amid Austria’s largest insolvency case.

Natalie Benko is under criminal investigation for helping conceal cash and valuables potentially worth over €300,000.

INGBE Foundation, controlled by Benko, sold €30M in gold and transferred luxury villas and artworks just before the collapse—now under audit and litigation.

Over €200M in clawbacks are being pursued by the insolvency administrator against banks, contractors, and even the Austrian tax office.

Robert Schimanko, a key Benko associate, is under scrutiny for his role in managing and possibly hiding assets via foundations.

Read our reports on Robert Schimanko here.

Short Narrative

In June 2025, the legal and financial fallout from the Signa Group’s collapse continues to escalate. René Benko remains in detention as prosecutors prepare indictments for fraudulent bankruptcy and embezzlement. His wife, Natalie Benko, is now officially listed as a suspect for aiding in hiding valuables. The INGBE Foundation, controlled via family proxies, is under forensic audit after questionable real estate and gold transactions.

The insolvency estate is suing for more than €200 million, targeting not just Signa insiders, but also powerful institutions and partners. The complex foundation structure around Benko—especially involving banker Robert Schimanko—has become a focal point for investigators unraveling this financial scandal.

Read our reports on Rene Benko here.

Extended Analysis

Legal and Regulatory Consequences

The WKStA (Austrian Economic and Corruption Prosecutor’s Office) has shifted the focus from corporate insolvency to high-level criminal conspiracy. With Benko accused of using foundation structures to shield assets from creditors, the case is a landmark for European enforcement against asset concealment.

The INGBE Foundation and the Laura Private Foundation allegedly served as asset-shielding vehicles, transferring villas, cash, gold, and artworks in transactions possibly designed to frustrate creditors. In March 2025 alone, the INGBE Foundation sold 360kg of gold for €30 million—a red flag for regulators and insolvency courts alike.

The Schoeller Group’s involvement—formerly seen as a legitimate Signa partner—has also come under fire, with indications it acquired assets “off-market” in non-transparent transactions. A special audit, commissioned by creditors, is investigating whether these dealings were lawful or part of a deliberate strategy to siphon value away from the estate.

This systemic abuse of foundation structures in Liechtenstein and Austria is likely to prompt new EU regulatory scrutiny of cross-border insolvency abuses and foundation law loopholes.

Investigative Targets: Family and Network

Natalie Benko’s suspected role in physically relocating a safe filled with cash and valuables the day of the insolvency filing shows an alleged hands-on attempt to obstruct creditor access. Investigators have also zeroed in on banker Robert Schimanko, who holds a strategic position within the INGBE Foundation. Though not charged, his involvement in auctions and luxury asset transfers points to a potentially active role in safeguarding Benko’s fortune post-collapse.

Recommendation or Warning

Investors should exercise heightened caution with opaque family office structures, offshore foundations, and high-risk real estate conglomerates. Signa’s collapse underscores how even “blue-chip” partnerships can unravel into billion-euro litigation zones. Due diligence on beneficial ownership, intra-group lending, and asset sales is more critical than ever.