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The Berlin prosecutor’s office has also launched an investigation after the collapse of the Signa real estate group around Tyrolean investor René Benko. The prosecutor’s office announced on Tuesday that it had opened an investigation into the bankruptcy of the former Signa subsidiary KaDeWe Group, confirming a report in the German newspaper Bild. There are also preliminary examination procedures related to the bankruptcy of the Signa Group, which includes nearly 170 companies.
“As part of this, documents are currently being reviewed, in particular allegations of bankruptcy, breach of trust and subsidy fraud,” the prosecutor’s office said. It was not immediately clear who should be named as defendants. Given the ongoing investigation, prosecutors would not comment on details.
The largest bankruptcy case in domestic economic history
In Germany, the Munich prosecutor’s office has opened an investigation into suspected money laundering and possible bankruptcy crimes related to the multibillion-dollar bankruptcy of Signa. They said Munich prosecutors are in touch with other German prosecutors. The events surrounding Signa have also brought prosecutors from Austria to the scene.
Signa, which is involved in retail and especially real estate, has suffered the largest bankruptcy in Austrian economic history. In addition to numerous properties in prime city centre locations, the Signa Group founded by Benko also includes the German department store group Galeria Karstadt Kaufhof and the KaDeWe Group. Galeria will now be sold to investors. The KaDeWe Group handed over the properties around the luxury department store in Berlin to the Thai Central Group, which also runs the business.
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