(Bloomberg) -- Austrian tycoon Rene Benko and one of his companies faces a probe by Liechtenstein prosecutors into suspected insolvency fraud and money laundering.

“It can be confirmed that preliminary investigations have been initiated against a natural person and a legal entity as well as against unknown perpetrators,” prosecutor Gregor Hirn said in an emailed response to Bloomberg questions.

The prosecutor confirmed the investigation, and pointed to earlier reports by the Swiss finance blog Inside Paradeplatz that named Benko and the allegations. Hirn declined to give further details.

A legal representative for Benko in Austria didn’t immediately respond to a request for comment on the investigation in Liechtenstein. The businessman’s lawyer in Germany has said reports of wrongdoing are unfounded.

The probe is the latest in a series of legal actions related to the insolvent Signa conglomerate and its founder. Prosecutors in Austria and Germany are investigating units of the company, while Middle Eastern wealth funds have sought arbitration claiming about €1 billion ($1.1 billion) in damages, including from Benko.

A swathe of Signa units have filed for insolvency, making the retail and property empire one of the most prominent victims of real estate turmoil in Europe. It recently counted the Chrysler Building and London’s Selfridges department store among its €23 billion portfolio.

INGBE Stiftung, a private trust founded by Benko in Liechtenstein, was part of late funding efforts at Signa’s luxury Prime unit, according to reports by an insolvency administrator.

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