Fallen Austrian property tycoon Rene Benko pleaded not guilty Tuesday to alleged fraud, the first charges in a wide-ranging investigation into the insolvency of his former real estate empire.

Benko, once one of Austria's richest men, founded the Signa Holding in 2000, but the debt-laden group crumbled in 2023 in the largest insolvency proceedings in the country's history.

Creditors, including in the United Arab Emirates and Thailand, claim billions of euros from Signa, whose vast portfolio used to include New York's Chrysler Building and several prestigious department store chains in Europe.

On the first day of his trial in the city of Innsbruck, Benko pleaded not guilty to the charges, according to a spokeswoman.

During the hearing, which wrapped up after about two hours, Benko accuse

See Full Page