The Sheikh of Abu Dhabi demands his money back from Rene Benko

Real estate tycoon Rene Benko has made plenty of enemies in recent months. Hundreds of creditors are demanding around two billion francs in investments from the 46-year-old Austrian. Those defrauded included banks, insurance companies, former managers and business friends – as well as clans around Abu Dhabi’s Crown Prince Mohammed bin Zayed Al Nahyan.

Der Spiegel reports that the crown prince, the head of the United Arab Emirates, is demanding his money back. This is his personal money – a total of 244 million francs.

Al Nahyan doesn’t really need money; His family is worth 273 billion francs. But the Shaikh family cares about honor, revealing an introvert. “Sheikhs don’t want to look like fools who allow themselves to be deceived. To her, losing face is “worse than losing money.”

To get his millions back, the ruling family sent Benko “an armed group of people,” Spiegel continues to quote. The Austrian “may need more defenders now,” the person says.

The connection to the wealthy Al Nahyan family was made in late April 2018 thanks to then-Austrian Chancellor Sebastian Kurz. He took Benco with a business team to Abu Dhabi to convince the sheikhs to invest in Cigna.

Kurz and Benko maintained a close relationship with the family: for example, Sebastian Kurz presented the Libyan stallion Neapolitano Teodorosta to Crown Prince Mohammed bin Zayed Al Nahyan and his daughter Sheikha Hazza bint Muhammad bin Zayed.

In the Emirates, Austrians are welcomed with military honors and invited to dinner with Crown Prince Mohammed bin Zayed Al Nahyan. After each meeting, Mubadala, chairman of Abu Dhabi’s sovereign wealth fund, approves a large cash injection into Cigna.

When the most important Cigna companies go bankrupt at the end of 2023, the friendship is over. “Sheikhs suspect fraud,” says a “Spiegel” insider. “Benko needs to find his personal money. You don’t want any trouble with the ruling family.