The Antwerp public prosecutor’s office has instructed an investigating judge to thoroughly investigate which crimes have been committed at the bankrupt fashion group FNG. There were already suspicions of market manipulation, but the investigating judge is looking into whether other crimes have been committed.
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That reports The time Thursday. The group, which includes retail chains such as Brantano and Fred & Ginger, went bankrupt this summer after all potential buyers dropped out. Suspicions of mismanagement have been emerging for some time.
The standard knew on July 9 that the financial regulator FMSA had the file played on to the Antwerp public prosecutor’s office. That was a most exceptional step. At the time, the FSMA only spoke about possible market manipulation under the previous management of FNG.
But the Antwerp public prosecutor’s office sees according to The time even more potential crimes in the bulky collection that the FSMA gave to the court, prosecutor spokesman Kristof Aerts confirms to the newspaper. It also concerns forgery of documents and the use of those false documents, forgeries in the annual accounts and the use thereof, preventing the FSMA’s investigation into FNG and misuse of corporate assets. If it comes to prosecutions, the suspects risk up to ten years in prison.
The appointed investigating judge Theo Beyl could count on a detective from Dendermonde. In addition to the role of the founders (Dieter Penninckx, Anja Maes and Manu Bracke), it is also important to see whether the board of directors and the advisers of FNG will also come into their sights. Attorneys such as Elke Janssens of Nauta Dutilh, who were the in-house advisers to FNG and Penninckx for many years, may also come into the picture. Other service companies such as Figurad also played a role for years.
This does not alter the fact that financial files examined in Belgium are often an elephant giving birth to a mouse. For example, 19 years after the bankruptcy, the victims of L&H have still not received a euro in compensation. Other files such as the fall of Dexia, the Municipal Credit or Fortis were not followed up.
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