Economy
Austrian Real Estate Billionaire Receives Increased Prison Sentence for Hiding Funds as Company Collapsed
Former Austrian real estate magnate René Benko has been sentenced to two and a half years in prison by the Innsbruck court for harming his creditors. The founder of Signa, which owned assets like Berlin's KaDeWe and New York's Chrysler Building before its late 2023 collapse, was found guilty of hiding assets, including transferring money to his mother. This sentence follows an initial two-year term that was partially overturned by the Supreme Court, leading to a retrial where Benko was convicted on previously acquitted grounds despite denying all charges.
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