Innsbruck

"The Falcon Private Bank, which is connected to the state fund of the Emirate of Abu Dhabi, also ranks among Benko's influential allies. There seem to be no limits standing in the way of Benko's plans. The 36-year-old self-made millionaire from Innsbruck is aiming for the billionaire class."

"As an AWD employee, he got to know the local Innsbruck real estate tycoon Johann Zittera, who had made money by expanding attics in central locations. Benko convinced Zittera with his charming, confident demeanor. Even then, Benko knew how to fill the room with his mere presence. This was a skill that would later help him in acquiring his investors."

"Benko, the dropout from Innsbruck, accumulates wealth like a Silicon Valley magnate. Or like one of those hedge fund owners from the USA who earn billions of dollars in good years – and whom Benko styles his life after. Why not? Benko's business ideas promised him and his investors very decent returns for the coming years as well."

"But why did Benko make such unusual, legally borderline promises to his financiers that he would buy back their shares? And at the increased price due to the appreciation of the properties, not at the lower entry price? The answer is simple: Without the so-called put options he offered, Benko would have found much fewer investors. Roland Berger, at any rate, today answers the question of whether he would have given Benko money without a contractual exit clause with a clear and succinct no. The business economist and early warning signal, Professor Leonhard Dobusch from Innsbruck, says: "I believe the investors knew exactly how risky the business was and that it was a bubble. But they thought they could get out in time. For this, Benko gave them the put options.""