Signa’s Benko to Remain in Detention Amid Fraud Investigation

Rene Benko, founder of the insolvent Signa property and retail conglomerate, will remain in pre-trial detention as prosecutors continue investigations into suspected fraud.

In announcing its decision, the Vienna Regional Criminal Court said it had a strong suspicion of guilt and cited a risk of collusion and further offenses being committed, according to a statement released on Friday. The court will assess whether to extend Benko’s custody by Feb. 7. The Austrian was arrested on Thursday.