Austrian Billionaire's Business Empire Collapses, Putting UK's Selfridges Ownership in Doubt and Deepening Economic Crises

Austrian billionaire Rene Benko's business empire Signa Holding has collapsed, putting the future ownership of UK retailer Selfridges in doubt.

Benko cultivated close relationships with German and Austrian politicians and elite, who enthusiastically bankrolled his empire.

The collapse comes at the worst possible economic time for Germany, compounding existing crises.

Signa's insolvency process has descended into chaos with administrators and creditors fighting to protect their own interests.

The complexity of Signa's business structure makes repaying creditors unlikely, with Swiss bank Julius Baer taking a major financial hit from its Signa links.