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Abu Dhabi’s sovereign wealth fund Mubadala is apparently demanding more than a billion euros for investments from the Signa network of companies and its founder René Benko, 46. Austrian news magazine “profile” (online) reported this on Wednesday, citing documents from the restructuring manager of Signa Holding.
Accordingly, the investment company filed relevant arbitration cases against the company. According to the “Profile,” the clawback relates to an investment or funds worth millions that are said to have flowed to Signa and its companies in the past.
Apparently, Mubadala started operating immediately after the bankruptcy of Signa Holding: at the beginning of December, three companies linked to the company filed a lawsuit for 713 million euros, according to the news “Krone” (online). As the “profile” writes, the companies are seeking temporary legal protection (“urgent arbitration”) against “several Signa companies” and “Mr. René Benko ad personam.” The reason for this was “violation of the terms of the financing agreements”.
The documents show that those who reorganized Signa Holding around insolvency administrator Christof Stapf applied to have the transactions blocked under Austrian law. However, according to the “profile”, this should only affect claims against the bankrupt Signa Holding and not personal liability or claims against other companies that are insolvent.
The documents also include a second arbitration case filed on November 29. Luxembourg-based “Am 1 Real Estate Investment Management SCSP”, which renovators attribute to Mubadala, is demanding a further 296 million euros from Signa, for a total of more than a billion. Both emergency arbitration cases fall within the jurisdiction of international trade law and the International Chamber of Commerce ICC.
Despite rescue efforts, Signa Holding filed for bankruptcy on November 29; Rumors also included talks with Arab lenders. Even before that, René Benko was no stranger to Abu Dhabi: According to media reports, the Tyrolean investor is said to have traveled to the United Arab Emirates several times in the past, accompanied by the former Federal Chancellor and the former ÖVP. boss Sebastian Kurz (37). According to the news in News magazine, it is said that Mubadala invested a total of 550 million euros in Signa. (SDA/smt)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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