Liechtenstein court backs Benko administrator’s right to pursue foundation claim

Liechtenstein’s Supreme Court has confirmed that insolvency administrator Andreas Grabenweger can pursue claims against the Ingbe Foundation in the insolvency case of former Signa founder Rene Benko, ORF reported. The dispute concerns assets worth about 50 million euros that the foundation’s council is currently barred from distributing.

Grabenweger had obtained an interim injunction earlier this year from the Princely Court of Justice in Vaduz, preventing the foundation from paying out the assets to beneficiaries, including members of Benko’s family. The foundation’s total assets were estimated at 300 million euros at the time.

Liechtenstein’s Higher Court had ruled that Grabenweger was not entitled to bring claims against the foundation. The Supreme Court has now ruled in his favour on that question, according to the administrator. However, the foundation’s lawyers say the 50 million euros have not been secured for the insolvency proceedings: the Supreme Court overturned the lower courts’ decisions, and the case has returned to the first-instance court.