Deutsche Bank has reportedly cut ties with Austrian billionaire René Benko, who co-owns Selfridges.
The bank – which is the largest lender in Germany – has stepped away from the real estate tycoon over concerns about his involvement in a corruption investigation, according to a report by the Financial Times.
Benko also co-owns German department store KaDeWe, as well as the Chrysler Building in New York city.
The newspaper said that sources close to the matter had revealed that the bank decided in late 2022 to end its relationship with the billionaire.
They said, however, that Deutsche Bank has continued its banking relationship with German department store Galeria Kaufhof, which Benko is also linked to. The retailer filed for bankruptcy protection last year.
The move comes after Benko was identified as a suspect in an Austrian corruption case which has involved both politicians and well-known businessmen.
The scandal involved Austria’s former chancellor Sebastian Kurz, who stepped down amidst the probe. Benko, who was also recently cleared for another unrelated case relating to bribery charges, has denied any involvement.
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Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
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