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Signa Crisis Intensifies: Concerns About “Bankruptcy Within Bankruptcy” Due to Billion-Dollar Ruling in Paris
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Vindobona
in the United Arab Emirates with Rene Benko (l.) and with Crown Prince Mohammed bin Zayed Al Nahyan (center right).
/ Picture: © Bundeskanzleramt (BKA) / Dragan TaticIn the coming days, the financial world will be looking to Paris with bated breath.
News reports say the sovereign wealth fund Mubadala from the United Arab Emirates (Abu Dhabi) has filed a massive arbitration claim against René Benko and various Signa companies.
Mubadala accuses the Signa founder and his former empire of violating financing agreements.
Rather, it is the immense costs of the arbitration proceedings—where two parties resolve a dispute outside of court—that are causing concern.