Third million-dollar horse
How Benko speculated with Germany’s sporting elite
Can bankrupt René Benko's trustees open up the private foundations? Perhaps the financial juggler's remarkable horse deals are the key.
René Benko's happiness on earth also lies on the back of noble horses. At least from a financial perspective. Recent research not only shows that Benko wanted to place his first million-dollar horse in his foundation stable almost three years ago; new documents also reveal how deeply the current Signa bankrupt was personally involved in wild speculative transactions between his Laura Private Foundation and the German equestrian elite.
Benko's role in the investments
The Krone has already reported on the two show jumpers "Chageorge" and "Just Be Gentle", which Benko's Laura Private Foundation acquired for 2.38 million euros each in the Signa crisis year of 2023. Now there are increasing indications that the Signa founder was advised to invest in the stallion "Mumbai" as early as fall 2021. Once again, the deal was to go through his Laura Foundation, with which Benko officially wants nothing to do, as his lawyers constantly emphasize. This claim is possibly intended to protect the hundreds of millions stashed away in the Laura Private Foundation from being seized by Benko's trustee. In fact, however, Benko personally had a great deal to do with the Laura Private Foundation's horse investments, as documents obtained by the "Krone" and "News" show.
"We as a foundation ..."
The Austrian financial juggler apparently gained access to the elite German equestrian scene through his ties to Otto Becker, the national coach of the German show jumpers. Becker and his entourage are also likely to have recommended "Mumbai" to Benko. Why else would the real estate speculator Benko have sent the following email to a close Otto Becker confidante (name known to the editor; note) on November 17, 2021?
Subject: Mumbai
"I am happy to confirm once again that we as a foundation will definitely make the investment.
The investment will be made by a 100% subsidiary of the foundation - as we consider this a commercial investment - you have experience in VAT refunds - we definitely do not want to invest the VAT as well and as this is a professional investment and not a hobby of mine, it should be possible."
Benko also wanted to optimize his horse speculation for tax purposes.
"Cooperation in a completely new segment"
Benko then goes on to explain which passage in the contract - which should formally run in the name of a subsidiary of Laura Privatstiftung - still needs to be changed. He then states: "Formally, the foundation has its next board meeting on Friday, November 26, in which the conclusion of the contract will be decided by the foundation board."
A decision by the foundation's board was apparently only a formality for Benko. He concludes with the words: "I am already looking forward to working together in a completely new segment. Best regards from Tyrol."
Apparently, Becker subsequently referred his new business friend Benko to the equestrian legend Ludger Beerbaum, in whose stable and property the gray "Mumbai" was at the time. A few months later, four-time Olympic champion Beerbaum wrote:
"Dear Mr. Benko, enclosed is the now finally signed purchase contract. Thank you once again, I look forward to working with you."
Further recommendations to be "more broadly positioned"
This deal marks just the beginning of a Benko offensive in a "completely new segment" for him. Beerbaum will soon be recommending further horse investments to the millionaire juggler Benko:
"In order to be somewhat more broadly positioned alongside Mumbai and also to be able to participate without restriction, both on the way to the Olympic Games in Paris 2024 and at the Global Champion Tour events in the coming years, it may make sense to invest in other potential candidates or horses."
In 2023, Benko then had "Just Be Gentle" and "Chageorge" acquired via the Laura Foundation. Benko should even receive a "business plan" for "Mumbai" and "Just Be Gentle" as the basis for Beerbaum's investment decision in spring 2023, so that the noble steeds can be included in the balance sheet of a Laura subsidiary.
Five-year forecast calculations
Research in the Beerbaum environment revealed that even five-year forecast calculations were made: For "Mumbai", which experts say is worth around five million today, the Beerbaum company speculated on annual revenues of between 300,000 and 400,000 euros. The income was to be split 50/50 between Benko's Laura Private Foundation and Beerbaum. Beerbaum alone was to pay for any costs incurred.
Remarkable: The "business plan" was addressed to "Mr. Benko" personally. Although, according to his lawyers, René Benko is neither an organ nor a beneficiary of the foundation and would prefer to have as little as possible to do with the foundation, which holds real estate assets worth hundreds of millions.
In any case, Benko's trustees are keeping a close eye on all the revelations about the Signa founder's investments for the Laura Private Foundation: horse investments worth millions will still be made in 2023. And in March 2024, insolvency proceedings are opened over Benko's own assets, in which he suddenly finds himself penniless. Creditors have filed claims against the failed speculator for around two billion euros.
The trustees in bankruptcy now want to crack the Benko foundations for René Benko's creditors through the courts. The horse speculation may be a key to this.
This article has been automatically translated,
read the original article here.
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