A major shakeup occurred at Signa Financial Services as their operational chief was removed from his position amidst allegations of serious misconduct. This small but influential firm, consisting of a handful of financial experts and trusted associates of René Benko, is located in Zurich, Switzerland, just a stone’s throw away from Paradeplatz.

Signa Financial Services, a subsidiary of the larger Signa conglomerate owned by Tycoon René Benko, was responsible for managing the company’s treasury and ensuring liquidity within the organization. Over the years, hundreds of millions of Swiss francs or euros flowed through this subsidiary, according to a reliable source.

Despite the significant amount of money involved, Signa Financial Services had an unknown auditor, Lienhard Audit AG, responsible for certifying the accuracy of their financial flows. This small auditing firm was entrusted with overseeing the operations of a true money-making machine.

Only at the end of 2021, after Credit Suisse had terminated all loans to Benko and Signa, did the auditing mandate shift to BDO. This move was significant as BDO has been attempting to challenge the dominance of the Big-4 auditing firms for years, often taking on controversial clients.

The recently revealed list of creditors includes a new banking name, EFG International. This private bank, majority-owned by a Greek shipping family and with Boris Collardi serving on its board of directors and as a minority shareholder, provided a loan of 140 million euros. This loan financed the purchase of Selfridges Manchester by Benko’s partner, a Thai department store owner from the Central Group.

According to a reliable source, the 140 million euros are due in February.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Europe
Countries	🇨🇭
Sentiment	neutral
Relevance Score	1
People	René Benko, Boris Collardi
Companies	EFG International, BDO, Signa Financial Services, Lienhard Audit AG, Signa-Hauptfirmen
Currencies	None
Securities	None