The Financial Times is out with a piece highlighting PIF’s efforts to recover mns of USD lost following the collapse of Signa Group, with the fund’s lawyers going after Signa-founder and now bankrupt European property tycoon René Benko. PIF’s lawyers have demanded the eviction of Benko and his family from their palatial home overlooking Innsbruck, Austria, while also calling on the Laura Foundation — which manages Benko’s wealth — to hold all payments to beneficiaries, the salmon-colored paper said citing a letter it has seen.

IN CONTEXT- PIF is among the largest creditors of now-collapsed Signa — which filed forbankruptcy in 2023 amid falling property prices and rising interest rates — and is owed something in the order of hundreds of USD mns by the entity, the salmon-colored paper explained. The group’s sprawling corporate structure has made asset recovery difficult, with administrators warning that creditors will likely only recoup a fraction of their investments.

Where is Benko now? Benko is currently facing criminal charges, including embezzlement and concealing assets, with investigations focusing on his personal wealth and the Laura Foundation, which he allegedly used to hide assets. Benko’s lawyers say he denies the charges.

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