The Laura Privatstiftung, a foundation linked to Austrian businessman Rene Benko, has filed for insolvency, according to confirmation received Wednesday by Tirol’s regional studio. Authorities are now reviewing the requirements for opening insolvency proceedings.
If the proceedings are opened, a trustee will initially be appointed, followed by a creditors’ meeting to address claims, as detailed in tirol.ORF.at. The move underscores the widening financial fallout connected to Benko’s Signa Holding.
The Economic and Corruption Public Prosecutor’s Office (WKStA) considers the foundation to be associated with Benko, making it a key component of investigations into the Signa group.
Billion-Euro Payment Demand
The insolvency filing stems from arbitration rulings that ordered the Laura Privatstiftung to pay approximately one billion euros. “The examinations initiated by the foundation board have shown that there are no sufficient chances of success for legal remedies against these arbitration awards,” a statement released by the foundation said.
The foundation stated it is “economically unable to fulfill the payment obligations resulting from these arbitral awards” and therefore considers “the grounds for insolvency of illiquidity and over-indebtedness to be given.”
The foundation’s new board, which took office in early 2025, emphasized that it had already initiated comprehensive measures to stabilize the organization, and that a sustainable economic restructuring was “within reach.” The board “regrets not being able to complete the successfully initiated restructuring of the foundation group.”
$740 Million Owed to Mubadala Fund
A significant portion of the billion-euro demand – more than 700 million euros – is owed to the Abu Dhabi state fund Mubadala, following a ruling in a procedure before the International Chamber of Commerce’s (ICC) arbitration court in Geneva. The total assets held by the Laura Privatstiftung remain unknown.
According to the Standard newspaper, the foundation’s holdings include “Villa N” in Igls near Innsbruck, where the Benko family previously resided.
The Privatstiftung was founded by Rene Benko and his mother, Ingeborg, in December 2006 and registered in the commercial register in early 2007. Numerous amendments to the foundation charter were made over the years, including one that removed Benko from the group of beneficiaries.
Experts have repeatedly described the foundation as a “safe haven” for the Benkos, a claim Benko has strongly denied. Benko has been in pre-trial detention for more than a year. He has been convicted in two criminal proceedings, but those verdicts are not yet final. He is presumed innocent until proven guilty.
