Forensic Analysis Reveals Multi-Million Euro Transfers at Signa Prior to Insolvency

In the wake of the insolvency of Signa Development, one of Europe's largest real estate companies, newly released forensic reports have documented significant financial transactions conducted shortly before the company declared bankruptcy. The ongoing investigation, led by the insolvency administrator, is focused on tracing the movement of considerable funds among related entities, management figures, and shareholder groups.

The forensic assessment, based on a review of all Signa Development transactions from January 2022 to December 2023, has provided detailed insights into the company's financial dealings leading up to insolvency. The analysis included all accounts primarily held with Raiffeisenlandesbank Niederösterreich-Wien, with notable exceptions such as a EUR15 million interest payout processed through Raiffeisen Bank International.

Investigators have identified that millions of euros were transferred between various Signa subsidiaries, stakeholders, and members of the management team during the critical period preceding the company's financial collapse. Among the recipients were former executives and supervisory board members, with documented payments amounting to hundreds of thousands of euros to these individuals. Additionally, EUR24 million was allocated to entities connected to the Laura Foundation, which is associated with the family of Signa's founder. This foundation remains a focal point for creditors due to the complexity of accessing its assets.

The forensic team also examined non-cash transactions, reviewing activities such as debt assumptions, waiver of claims, and internal offsetting among creditors and debtors. Significant examples include a EUR70 million debt assumption by Signa Development Selection Asset GmbH and EUR14.4 million involving Kika Leiner. Other complex internal settlements and claim waivers reached a value of EUR221.8 million, while a related holding company in Germany saw waivers totaling EUR51 million.

Further forensic reviews are underway for Signa's three largest divisions: Holding, Prime, and Development. The final report is expected in the first quarter of 2026. These efforts seek to clarify capital increases and the intricate financial flows between the various entities, with the potential for new criminal or civil claims depending on the findings.

The insolvency administrator is also pursuing claims against former Signa executives, including a EUR20 million claim against the former chief financial officer and a EUR300,000 claim against the founder. Both parties are reportedly contesting the claims, and efforts are being made to resolve these disputes through out-of-court settlements to avoid protracted and expensive litigation.

In parallel, the administrators of Signa's key subsidiaries have initiated a structured process to address liability questions with those involved. This is aimed at reducing legal costs and resolving outstanding issues more efficiently. However, negotiations have proven challenging as many of those targeted dispute any wrongdoing or breach of duty.

The fallout from the Signa insolvency continues to affect creditors and business partners, as unresolved questions persist regarding claims, liabilities, and asset recovery. The case remains one of the most significant insolvency events in the European real estate sector.