Prosecutors suspect two powerful men of using a non-profit organisation to hide payments linked to a financing application to a state-owned investment company.
The Federal Holding and Investment Company (SFPIM) is a state-owned company that invests public money on behalf of the Belgian Government, whose investments are aimed at companies and projects considered important for the Belgian economy. Now, a corruption investigation that involves its former international branch has reached the courts.
The Brussels Public Prosecutor's Office confirmed to The Brussels Times that two people would be brought before the French-speaking Brussels Criminal Court, but did not name them. Since the allegations concern events in 2023 and 2024, Le Soir's sources named the two men.
Jean-Claude Fontinoy, 81, who chaired SFPIM International for several years, and his adviser Thierry Denuit will face trial in Brussels in November over alleged public corruption, according to Le Soir.
Both allegedly set up a system to hide payments linked to an application for financing from SFPIM. Denuit's work on preparing the application was allegedly paid for through transfers to a non-profit organisation.
According to the French daily, the ASBL in question was Les Amphitryons, an organisation linked to Denuit. Its stated purpose was to bring together people interested in gastronomy, the art of living, and “the pleasures of life.”
Le Soir reports that Denuit allegedly organised private tastings at his home, paid for by the ASBL. Though the non-profit itself received money from private sponsors, detectives suspect that some of these sponsors may have expected something in return.
The prosecutor's office has been investigating the suspected corruption since the beginning of 2026. Detectives have examined bank transactions, carried out searches and questioned numerous people, several of which have also been detained.
Fontinoy is a long-standing figure in Belgian political and public-sector circles. He previously chaired Belgian railway company SNCB/NMBS and was a close associate of former French-speaking Liberal party politician and European Commissioner Didier Reynders.
The investigation into Fontinoy, however, goes back further.
The man has been under investigation since 2020 over separate suspicions of public corruption and money laundering. The investigation was initially handled in Namur before being transferred to Brussels in 2025, after the opening of the money-laundering case involving Reynders.
Fontinoy is also a suspect in the Reynders case. He has been charged with criminal association and forgery.
Detectives suspect he tried to provide false documents concerning alleged purchases and resales of artwork to explain some of Reynders’ cash transactions.
The former minister has been asked to explain cash deposits and gambling purchases totalling more than €1 million.
Old friend
Le Soir also reported a new allegation concerning the much older relationship between Fontinoy and Reynders. A former company executive told the newspaper that Fontinoy allegedly approached him in the 1990s and asked his company to contribute to a Reynders election campaign.
The witness said he refused. According to Le Soir, the allegation cannot be supported with documents, and the alleged events would now be too old to prosecute. Fontinoy declined to comment, while Reynders' lawyer said there had “never been any illegal financing.”
Jean-Claude Fontinoy pictured with then-Belgian Foreign Minister Didier Reynders during a diplomatic mission to Kinshasa, DR Congo, on 26 April 2016. Credit: Belga/Benoit Doppagne.
The case going to court in November is only the tip of the iceberg. The Brussels prosecutor's office said other suspected corruption linked to SFPIM is still being investigated.
Fontinoy told Le Soir that he did not understand what he was accused of and declined to comment further.
Denuit referred the newspaper to his lawyer, who also declined to comment.
Both men are presumed innocent until proven guilty.
