Several dozens, maybe even hundreds, of savers have been caught out by Kepha-Belgium, a real estate company based in Ixelles offering interest rates of 5.6 to 7.1%. According to Thursday’s edition of La Derniere Heure, Kepha-Belgium, supposedly supporting the Kepha foundation, with links to the Vatican, ran into serious financial difficulties and has been keeping a very low profile since mid 2014. During this time, Kepha’s clients received bonds on a regular basis. In fact 2 bondholders meetings are scheduled for Monday in Brussels, the first for French speakers, and the second for Flemish speakers.
The precise number of potential victims is as yet unknown but the sums involved are huge. Kepha Invest’s website states that people had to invest a minimum of 100,000 euros, says La Derniere Heure.
Up until 2013, the promised returns were duly paid up. Rates were proportional to the amount invested. Problems emerged around mid-2014.
Courts have not yet decided to take on the case and no criminal proceedings have been undertaken, nor has the public prosecutor in Brussels formally launched a judicial investigation at this point.