The Belgian and French legal systems are examining an "explosive" case of alleged corruption and misuse of corporate assets involving a subsidiary of Belgian construction giant Ackermans & van Haaren (AvH), according to Le Soir.
The paper reports that the presidency of Chad in Africa has not fully paid for a hotel opened in 2016 on the banks of the River Chari, and still owes €60 million to CFE, a subsidiary of the Bel 20 listed construction group.
This financial disaster has revealed other embarrassing manoeuvres, as a former French consultant for CFE, Michel Marstal, has reported allegations of corruption, abuse of corporate assets, attempted fraud and forgery to the Belgian federal prosecutor and the French National Financial Prosecutor (PNF).
These allegations are based on around 100 confidential documents, obtained by Le Soir, De Standaard and Mediapart (three partners of the EIC network).
They reveal a trail of millions of euros withdrawn in cash from the CFE Chad account at Société Générale. A portion was reportedly used to bribe a police commissioner known for extortion, who claims to have corrupted Chadian officials on behalf of the Belgian group through a series of incriminating emails.
The AvH group reported a net profit of €399 million last year. The group's chairperson, billionaire Luc Bertrand, is one of the richest men in Belgium.
