Causa Signa: former supervisory board member Riess-Hahn strengthens the back of Gusenbauer

The Austrian Financial Supervisory Authority (WKStA) has intensified its investigation into former Signa Prime and Development board member Alfred Gusenbauer, who faces suspicion of financial misconduct. The probe involves multiple legal threads, with Gusenbauer reportedly implicated in orchestrating a €10 million payment without proper authorization or oversight. His colleague in the supervisory board, Susanne Riess-Hahn, testified recently that Gusenbauer held broad authority over contract negotiations and modifications, which could have contributed to the alleged breach. Gusenbauer, once a prominent figure in Austria’s corporate sector, served as chairman of the supervisory board of Signa Prime and Development. The ongoing investigations, which began in April, now include him among the suspects. According to reports, he allegedly conspired with another former executive to arrange the payment, bypassing formal procedures and the broader board's involvement. The case remains under active scrutiny, with authorities emphasizing the presumption of innocence. Recent police operations have led to searches of premises connected to the case, during which electronic devices were seized. Investigators have also interviewed witnesses, including Riess-Hahn, who previously sat on the supervisory board. During her testimony, she described Gusenbauer’s extensive powers, noting that he had been authorized to negotiate and finalize contracts, as well as make amendments. She stated that these actions effectively removed such matters from further discussion within the supervisory board. Riess-Hahn, who previously worked at Wüstenrot, did not recall specific details about the service agreements in question. She learned about the contractual changes and the €10 million payment through media reports. When asked about the secured resolution document, she admitted not being able to remember it but acknowledged the possibility that it existed. Her account highlights the complexity of the situation, underscoring the need for thorough examination of all relevant documents. Regarding the company’s financial health, Riess-Hahn noted that the real estate industry faced challenges at the time. However, she claimed there were no indications of deeper financial troubles within Signa itself. As the interview progressed, she expressed reluctance to address other topics, stating she was unprepared and lacked time. Nevertheless, she indicated willingness to testify again if needed. The case continues to unfold, with law enforcement agencies working diligently to uncover all facets of the alleged misconduct. As the investigation proceeds, the outcomes will likely shape future regulatory actions and legal proceedings involving the individuals implicated. The situation underscores the importance of transparency and accountability in corporate governance.