Private Loan From Selfridges Owner Helped Trigger Benko’s Fall

As shoppers at London’s renowned Selfridges department store soaked in the festive mood ahead of Christmas in 2021, the billionaire Weston family were closing in on the sale of the landmark. And later, they would seek to add a little extra on top — or so they thought.

In negotiations to sell the historic retail group for almost £4 billion ($5.4 billion), the Canadian clan was prepared to loan Austrian entrepreneur Rene Benko money to close the transaction, effectively paying themselves part of the purchase price to seal the deal. The arrangement was sweetened by Benko’s offer to allow the Westons to ...