“Serious indications”: Court intervenes after sale of KV Mechelen

The financial newspaper De Tijd reports that the Mechelen court has seized millions from Penninckx, one of the founders of the bankrupt fashion company FNG Group.

The sale of KV Mechelen happened at the beginning of this year, because the club wanted to get rid of him after he was reported in various cases. It is not known how much he received for his shares at KV Mechelen.

“The amount of the seizure on those shares is just over 2 million euros,” Kristof Aerts, spokesperson for the Antwerp public prosecutor’s office, told Gazet van Antwerpen. “There are serious indications of stock price manipulation, artificial boosting of turnover and illegal financial flows.”

That has been the case since 2018. As a result, Penninckx was able to obtain more loans from banks and extract more money from investors.