Source: Reuters (via feed)
A large trust established for the family of Austrian property tycoon Rene Benko has filed for insolvency. The filing was made public on Wednesday. The trust was ordered to pay around $1 billion. The payment is to companies belonging to the Abu Dhabi sovereign wealth fund Mubadala.
The insolvency filing follows this significant court-ordered payment. No further information was provided in the announcement.
BizTrendWire Insight:
The insolvency filing involves a trust linked to an Austrian property figure and a major sovereign wealth fund. This relates to business transactions involving international financial obligations.
The insolvency filing involves a trust linked to an Austrian property figure and a major sovereign wealth fund. This relates to business transactions involving international financial obligations.
