Toeller makes serious allegations against Benko: debts and fraud?!

Toeller makes serious allegations against Benko: debts and fraud?!

The investor Torsten Toeller makes serious allegations against René Benko, the founder of Signa Holding. Toeller, known for his company Fressnapf, accuses Benko of concealing debts and deceiving investors. The alarm bells were already ringing at Toeller in May 2022 when a promised dividend for 2021 was not paid out. In a meeting in Vienna in December 2022, it became clear that Benko “no longer had the matter under control” and gave the impression “as if René was denying reality.” derStandard.at reported.

The situation escalated when the Economic and Corruption Prosecutor's Office (WKStA) accused Benko of defrauding investors with a capital increase in 2023. He is said to have used 35 million euros from other investors as capital for his foundation. Benko denies all of these allegations, but trust is shaken. Toeller, who invested in Signa in 2013, described that Benko often presented “embellished” figures and focused more on impressive outlooks than transparency in his communication. There was always just the increase of “higher, further, faster”, so Toeller called him “the world champion in sugarcoating”, like oe24.at reported.

In January 2023, Benko admitted massive liquidity problems and asked Toeller for a loan of 25 million euros, which for Toeller was the final proof of Benko's loss of touch with reality. The conflict culminated in May 2023 when Benko again demanded capital from his investors. Toeller exited Signa Holding on October 9, 2023 and has been waiting since then for his investment of around 4.5 percent to be repaid. Benko is currently in custody in Vienna as the legal and financial turmoil surrounding him continues.