The Signa Development insolvency administrator Andrea Fruhstorfer is demanding the return of supervisory board fees for the years 2022 and 2023. Those affected include former SPÖ Chancellor Alfred Gusenbauer (488,000 euros), former Vice Chancellor and current Wüstenrot CEO Susanne Riess-Hahn (218,000 euros), and former RBI CEO Karl Sevelda (308,000 euros), according to the "Salzburger Nachrichten" (Monday) with reference to the interim report of the insolvency administrator.

The Insolvency Administrator Did Not Want to Comment on the Case to the "SN"

The insolvency administrator did not want to comment on the case to the "SN". As stated in the current report to the Vienna Commercial Court regarding Signa Development Selection, "four avoidance actions were filed in December." In the remaining cases, lawsuits are being prepared or out-of-court negotiations have been initiated, writes the insolvency administrator in her interim report. The accusation against Signa Development is also that it was already apparent in spring 2022 that the group was insolvent, but nothing was done. In all cases, out-of-court negotiations were initiated. According to the interim report, two former supervisory board members have already repaid their fees. From the former board member of Signa Prime and Development, Timo Herzberg, who was dismissed without notice in December 2023 due to "suspected gross breaches of duty," the Signa Development insolvency administrator is demanding 3.6 million euros back. According to the report, "no settlement negotiations have been initiated despite the invitation."

Legal Dispute with RAG Foundation, Tax Office, and Auditors

Fruhstorfer is also demanding a dividend payment of 3.2 million euros back from Signa Development shareholder RAG Foundation. The insolvency administrator has also filed a lawsuit against the tax office for large enterprises for 10.6 million euros, according to the "Salzburger Nachrichten" report. The insolvency administrator has settled with one of the financing banks, which apparently repaid 8.2 million euros. Additionally, Fruhstorfer has filed a claim for damages against TPA auditing and tax consulting for 12 million euros. The firm neither audited nor certified the Signa annual financial statements. "TPA was and is at no time an auditor of Signa," said a statement from the firm to the APA. The annual financial statements for 2021 and 2022 of Signa Development were audited by KPMG, according to the annual financial statements filed in the commercial register.

The restructuring proceedings of Signa Development were converted into bankruptcy proceedings at the end of 2024. In Vienna, Cologne, Wolfsburg, and Frankfurt, several properties and objects were sold. A good dozen properties remain, where negotiations are ongoing, standstill agreements with banks or investors have been agreed upon, or "no stabilization measures" are necessary, according to the report. Of the registered claims of 2.2 billion euros, 1.52 billion have been recognized and 676.5 million disputed. According to the report, 87.4 million euros were registered retroactively, which will be reviewed until early March. Additionally, there are subordinated claims of 334.7 million euros. The insolvency administrator of Signa Prime Selection AG, where company founder René Benko parked the luxury properties, intensified efforts at the beginning of the year to raise money for creditors. Thirteen months after the insolvency filing, liability letters from insolvency administrator Norbert Abel were sent to four former board members and twelve former supervisory board members of Signa Prime shortly before the end of 2025. Abel holds them responsible for damages amounting to at least 1 billion euros.

(APA/Red)

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