Roma

"René Benko created something great and then destroyed much of it. Solid business operations and trust in the solidity of the real estate business were left by the wayside. Even though the business and legal processing will take years and it is likely that Benko will have to face court, he did not build the castle in the air called Signa alone. He readily found financiers, including wealthy private individuals, bank managers and insurance people, foundation managers, and Arab sheikhs. Benko invited them to his yacht "Roma" or his estate high above Lake Garda, or he quickly flew to Dubai or Abu Dhabi, to Hamburg or Vienna on his private plane. And all the economic experts willingly gave him capital, apparently without really examining his business model. Just as auditors and real estate appraisers played their roles in the illusion theater of the Austrian entrepreneur. The lawmakers in Germany and Austria, who left gaps through which the clever newcomer slipped, also bear some of the blame."

"René Benko created something great and then destroyed much of it. Solid business operations and trust in the solidity of the real estate business were left by the wayside. Even though the business and legal processing will take years and it is likely that Benko will have to face court, he did not build the castle in the air called Signa alone. He readily found financiers, including wealthy private individuals, bank managers and insurance people, foundation managers, and Arab sheikhs. Benko invited them to his yacht "Roma" or his estate high above Lake Garda, or he quickly flew to Dubai or Abu Dhabi, to Hamburg or Vienna on his private plane. And all the economic experts willingly gave him capital, apparently without really examining his business model. Just as auditors and real estate appraisers played their roles in the illusion theater of the Austrian entrepreneur. The lawmakers in Germany and Austria, who left gaps through which the clever newcomer slipped, also bear some of the blame."

"Even on {{id_001}}'s yacht "Roma," where regular meetings occur during the summer half-year, the sun and the Mediterranean are just ingredients added to the usual: work. {{id_001}} usually arrives by private jet – with the larger Bombardier or sometimes with the smaller Cessna. But always with several bodyguards, with whom {{id_001}} surrounds himself early on. His bodyguards, about five in number, often come from an Austrian elite unit, the Cobra Commando, which protects high-ranking politicians."

"However, in the wild growth years of Signa with its shiny polished balance sheets, there is no talk of this yet. Benko cultivates his image as a workaholic, which goes down well with the financiers. Someone who earns his money and does not just receive it. For him, it had been a good day when he had worked continuously, a manager recounts. When Benko vacationed on his yacht, he invited his top people to the "Roma" to hold meetings from morning to evening. Occasionally, the children of the executives would run around them. It was not always efficient."

"Benko invited them to his yacht "Roma" or his estate high above Lake Garda, or he quickly flew to Dubai or Abu Dhabi, to Hamburg or Vienna on his private plane. And all the economic experts willingly gave him capital, apparently without really examining his business model."