2023-12-22 17:03:18
(c) DEAR DADDY
Abu Dhabi/Vienna. Mubadala, one of Abu Dhabi’s largest wealth funds, demanded a total of 713 million Euros from Signa Holding and its founder René Benko, which was in financial difficulty. The rejection of the request was announced on Thursday. Christof Stapf, who was appointed by the court to carry out the bankruptcy proceedings, announced that Mubadala Investment Company could assert the claims made in the normal arbitration proceedings, but not in the accelerated arbitration proceedings.
Mubadala, Signa’s investor in the United Arab Emirates, filed a lawsuit against Signa and René Benko for 713 million euros. Arabs claim Signa violated financing agreements. Luxembourg investors attributed to Mubadala also requested arbitration for 300 million Euros.
Mubadala has been one of Signa’s financiers for years. Most recently, there were reports of a loan of around 200 million euros that was said to carry an interest rate of twelve percent. Signa Holding filed for bankruptcy on November 29 despite rescue attempts – talks were said to be taking place with Arab credit agencies, among others. Even before that, Benko was no stranger to Abu Dhabi: the Tyrolean investor is said to have traveled to the United Arab Emirates several times in the past, together with former Prime Minister and former ÖVP leader Sebastian Kurz. (yenivatan.at)
Disgrace: Loan tension between the United Arab Emirates and Austria, which collapsed by 713 million euros
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