Rene Benko, an Austrian businessman, was sentenced to two years in prison for a €5 million fraud against the private foundation of Hans Peter Haselsteiner, an Austrian industrialist. The ruling was issued on Thursday by the Innsbruck Regional Court.
Case Details and Convictions
The court accused Benko of receiving €5 million just weeks before the bankruptcy announcement of Sina Holding from Haselsteiner. This case was the third criminal action against Benko, who had previously been convicted in two other cases. His first conviction was in October 2025 for fraud related to bankruptcy. In September 2026, he was also sentenced to 30 months in prison for harming creditors.
Consequences of Sina Holding's Bankruptcy
Benko's new conviction, at 49 years old, comes just three weeks after he was placed under house arrest due to a previous conviction. Benko's lawyer stated that he is considering the possibility of appealing this conviction. Benko was also acquitted of charges of hiding a luxury gun worth €80,000 from creditors.
Once recognized as a self-made and successful entrepreneur, Benko was severely affected by the collapse of Sina Holding. At its peak, the company had a portfolio worth over $30 billion and had invested in projects such as the Chrysler Building in New York and a gift shop in Berlin. In 2023, Sina Holding declared bankruptcy, which dealt a significant blow to European real estate investors and others.
The collapse of Sina Holding is recognized as the largest financial earthquake in the European real estate market since the global financial crisis of 2008. This incident had serious repercussions not only for Benko but also for many individuals and investing entities.
