The oil prince seeks the return of his funds now. - Sheikh poses an issue for Benko
Abu Dhabi's Royal Prince Mohamed bin Zayed Al Nahyan, who is also the President of the United Arab Emirates, is insisting that ex-Austrian real estate tycoon, Ösigarchen René Benko (46), returns millions of euros. The cause for this request lies in matters of honor.
Benko owed the sheikh family an enormous sum
The report by "Spiegel" states that the claim is for the money the sheikh family personally paid to the now-defunct Benko - approximately 250 million euros. To recover this amount, the ruling family has deployed a team of individuals to Benko, as revealed by an insider.
One might think that 250 million euros would be a paltry sum for the Al Nahyan family, considering their wealth. According to Bloomberg, their total assets add up to around 283 billion euros, making them the wealthiest family in the world.
However, the insider remarked, "The sheikhs don't like to be seen as the fools who let themselves be fooled." It would be more damaging for them to lose face than money. Therefore, René Benko may require additional bodyguards for his own protection.
In 2018, now-former Austrian Chancellor Sebastian Kurz arranged for Benko to join an Abu Dhabi delegation led by him in an attempt to garner the sheikhs' support for a Signa investment.
Mubadala demands 713 million euros from Signa
In 2019, Benko ventured to Abu Dhabi once again, accompanied by Chancellor Kurz. The event was a visit to the Spanish Riding School Vienna, hosted by the United Arab Emirates. Kurz presented Crown Prince Mohammed bin Zayed Al Nahyan and his daughter Sheikha Hassa bint Muhammed bin Zayed with the Lipizzaner stallion Neapolitano Theodorosta.
Benko gained significantly from these travels, as allegedly, Mubadala Signa provided him with funds on both occasions.
The audit by Mubadala demonstrates the magnitude of the fund's demand: Signa Group is expected to pay off loans, including interest, totaling 713 million euros. The accusation: Benko had knowledge that his Signa empire was nearing collapse, but still asked for additional financial help.
Arab investors have initiated legal action against Signa Group at the International Court of Arbitration (ICC) in Paris. Original text can be found here
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Source: symclub.org
