November 24, 2020

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Court is investigating 110 million who have fled bankruptcy …

Court is investigating 110 million who have fled bankruptcy ...

During the judicial investigation into the fraud at FNG, the investigators investigate how 110 million euros were diverted from the bankrupt fashion group. De Tijd writes that on Wednesday.

The auditor who checked the accounts found that tens of millions of euros had flowed into the accounts of FNG Benelux Holding, which owned the FNG Group, in recent years. A former FNG employee testified that the transactions took place at the request of founder Dieter Penninckx and that a reason or documentation was never required to justify the transactions.

According to the auditor’s report, the money went to the Dutch company FIPH, an investment vehicle owned by former FNG shareholder Rens Van de Schoor. In April 2018, an agreement would have been reached that a maximum of 19 million euros could flow to the Dutch company via the account of FNG Benelux Holding. FIPH also had to share what it was using the resources for. That maximum would soon have been exceeded and the money would have been used for other purposes.

In 2019 and 2020, 49 million euros would have been transferred to the Dutch company through various deposits. According to the auditor, FIPH has been provided with financial resources totaling 110 million euros since the end of 2016.

Money laundering

The examining magistrate in Mechelen has not yet carried out any measures in the Netherlands. The Antwerp Public Prosecutor’s Office spokesman stressed that the judicial investigations are “in full swing” and focus mainly on three main issues: “diversion of funds from the respective companies, establishment of certain fraudulent systems and money laundering”.