A family trust associated with Austrian real estate developer Rene Benko has filed for insolvency after arbitration rulings required it to pay nearly USD 1 billion to companies linked to Abu Dhabi’s sovereign wealth fund Mubadala Investment Company. The filing was made with a court in Innsbruck, which confirmed that insolvency proceedings have been opened.
The trust, known as the Laura Private Foundation, said its board of trustees decided to file for insolvency due to payment obligations arising from two arbitration awards. The foundation, named after Benko’s daughter, has long been part of the financial structure linked to his business empire.
The arbitration decisions were issued…