Losers and winners
November 3, 2023
The Benko earthquake, which began in Germany with the halt of construction on the Elb Tower, is now spreading dramatically across Austria – because Vienna is the epicenter of the Benko empire. The banking industry, the construction industry and the media are now shaking here.
In the media industry, Mediaprint and especially the “Kronen-Zeitung” are in complete chaos. Benko has already acquired 49.5% of the Austrian subsidiary of the German group Funke, the so-called “NKZ”, through secret and complicated paths with his Signa Holding Innsbruck, in which he holds the majority of 77.5% through his purchased foundation. He has a secret agreement to purchase the remaining 50.5%.
In total Therefore, Benko owns the entire Austrian shareholding of Funkes (formerly WAZ) – this is exactly 50% of Kronen-Zeitung (without which Dichand cannot operate), 49.5% of Kurier and therefore 25% of the entire Mediaprint with all its holdings.
For the first 49.5% Benko has already paid the Funkes 80 million euros and, in the second half of the year, he will probably owe them another 80 million – a total of a fabulous 160 million, which is no longer worth a dream.
Dichand wants shares back
Is called: “Krone” shares, in particular, are not for sale. Dichand, who would like to buy it almost “for free” for just 10 million (which is why he has been firing on all cylinders against Benko for months), is assured that he will not get it. WAZ will not buy them back for 80 million. Benko will remain – for now – with these actions, thus completely paralyzing “Krone” and “Mediaprint” and will engage in even more brutal legal battles with Dichand in the future than before. The “Crown” is the one most involved in Benko’s chaos, which he reports on with pleasure.
Much more dramatic are the effects on Austria’s banking landscape. More than 20 national financial institutions would have granted 8.2 billion euros in loans to the two main companies of Signa Reich, in Austria alone. In addition to Bank Austria Unicredit, the Raiffeisen Group with Raiffeisen-International and especially Raiffeisen Landesbank Niederösterreich-Wien (which is also the owner of “Kurier”) is by far Benko’s largest financier, with a loan volume of more than 2 billion euros. The situation in Raiffeisen, which was completely affected by the Benko earthquake, is correspondingly dramatic.
How many bank loans What the Benko empire actually has and how it is protected is currently completely opaque. There are rumors that Benko – including billions in financing through Arab funds from Dubai, Qatar and Saudi Arabia, which former Chancellor Kurz allegedly arranged for him – could have up to 40 billion euros in liabilities, although real estate values are so high that they are, naturally, losing value dramatically day by day in the current crisis.
ECB collapses empire
In fact, a very embarrassing investigation carried out by the ECB (European Central Bank) on all (!) banks caused the collapse of the Benko empire.
This “Inquisition” the ECB, which Signa itself described as a “witch hunt”, led to the ECB’s brutal recommendation in the summer that banks like Raiffeisen should write off a large portion of their Benko loans – which would lead to a balance sheet catastrophe for Raiffeisen and Bank Austria.
Since then, of course, no bank has extended any more loans to Benko, but all have demanded payment of their interest claims and repayment agreements, which are largely outstanding. This will likely burden Signa with billions of bank claims – and above all will put Signa’s supervisory board under enormous pressure. Who knew what? Who kept something secret?
Gusenbauer made millions with Signa
On the top The former Federal Chancellor and leader of the SPÖ is part of Signa’s supervisory board Alfred Gusenbauer. He made many millions from his tenures at Signa in recent years – but kept the problems secret from all investors. His dismissal is probably imminent – if investors can afford to fire Gusi, because he is the only one who knows (almost) everything.
Behind Gusenbauer hides as your supervisor confidant Susanne Riess-Hahn, who – and this is dramatic – is also the head of Wüstenrot and its new bank. She also made a lot of money with Signa and is now under enormous pressure with her management work at Wüstenrot.
Mainly responsible It’s clear that Austria’s biggest businessman – and NEOS’ financier – is responsible for Signa’s fortune. Hans Peter Haselsteiner. He was Benko’s most important companion in the creation of Signa, he holds a high 15% stake in the holding and has made hundreds of millions from it in recent years – but now he has to fear for the billions he invested. This is why Haselsteiner is the main organizer of the current Benko withdrawal and is in control behind the scenes.
Investors are piling in
Haselsteiner and the other major investors – from the Hamburg billionaire Kühne to the legendary consultant Berger, from the owner of Fressnapf to Peugeots – are expected to “inject” an incredible 400 million euros in cash in the coming days, according to Benko and Signa’s call for help”, to that Signa remains solvent and maintains its activities.
Without these 400 million If the entire Benko empire were likely to collapse, there would be a brutal battle to “silver” the real estate assets worth more than 40 billion euros – from the Vienna Park Hyatt to the new Lamarr on Mariahilferstrasse, but also from the Elbtower to the Chrysler skyscraper in New York. – all serving as “guarantee”.
A collapse Signa’s real estate sector would have incredibly dramatic consequences for everyone – for the real estate and construction sector in Austria, but especially for the banking scene. This is why no one wants to believe in Signa’s bankruptcy – Haselsteiner, Raiffeisen and the badly hit banks must now save what can still be saved…