Share article:
Share article:

€48 billion sheltered in Luxembourg

© Belga
Yves Leterme, the former Belgian Prime Minister, was a director of Tele Colombus Holdings SA so, along with others, features on the list of Luxembourg-based companies.
© Belga

Le Soir and De Tijd are reporting on Tuesday that of the hundred richest families in Belgium, 60% of them have created at least one company in the Grand Duchy of Luxembourg. The publications’ figures are based upon a survey they have conducted.

In two out of three cases, the given company is simply a “go-between” with no other activity than holding parts of other companies located abroad (prime locations being the British Virgin Islands and Panama), and generally only paying low levels of tax. If we were to take the 50 richest families, eight out of ten of them opt for Luxembourg. When cumulated, shareholders’ equity in all such companies exceeds €48 billion. Moreover their assets come very close to €54 billion. This is the equivalent of the GDP of Latvia!

The former Belgian Prime Minister, Yves Leterme, who is the former Deputy Secretary General of the Organisation for Economic Co-operation and Development (OECD) also features in the list of Luxembourg “go-betweens”. The listing is as a result of his directorship of Tele Colombus Holdings SA, a holding company, established in Luxembourg. He confirms his “interest in the rescue operation for Tele Colombus, which was subject to a ruling by the Belgian tax authorities in 2016.”

The list also includes the leading company in construction and maintenance of maritime infrastructure, Jan de Nul, key Belgian shareholders of AB InBev, Alexandre Van Damme, whose company Cesto part owns RSC Anderlecht, and Philippe Vlerick, one of the major textiles concerns.


The Brussels Times

Latest news

Flanders introduces ‘invisible’ speed cameras
New digital speed cameras that are essentially invisible to the road user are being introduced on various roads and motorways in Flanders, Flemish ...
Warnings issued for slippery roads across Belgium
Drivers have been asked to watch out for slippery roads from Saturday afternoon until Sunday evening, as snow and cold temperatures are expected ...
Testing rules following high-risk contact eased for vaccinated people
The coronavirus testing policy following a high-risk contact has been eased, meaning a vaccinated person who was in contact with an infected person ...
New measures announced for Belgian schools
Stricter rules are being implemented across a variety of sectors in Belgium to curb the rising number of infections and limit the damage as a result ...
Majority of booster doses should be administered by March 2022
Invitations will be sent out in the following days for the general population in Belgium to receive a coronavirus booster vaccine, and most adults ...
Belgium adopts national plan to combat gender-based violence
Belgium has adopted a National Action plan for the Fight against Gender-Based Violence, which includes more than 200 measures and unites all levels ...
Antwerp cancels Christmas market and New Year’s Eve fireworks
The city of Antwerp has joined other cities including Leuven and Ghent by announcing it is cancelling this year's Christmas market, the end-of-year ...
Pharmaceutical companies looking into vaccines against new variant
Pharmaceutical companies have sprung into action to look into vaccine protection against the new coronavirus variant first detected in South Africa, ...
Belgium imposes entry ban on travellers from southern Africa
Belgium is introducing an entry ban for travellers from several countries in the south of Africa following concerns about a new variant (B.1.1.529) ...
What Ursula did next
BRUSSELS BEHIND THE SCENES • Weekly analysis and untold stories
Nightclub closures, limiting contacts: These rules come into force today
Just over one week after its last meeting, Belgium's Consultative Committee on Friday once again announced a set of new measures to curb the rising ...
Almost 3,500 Covid-19 patients in hospitals as new cases continue to skyrocket
The number of new coronavirus cases in Belgium is continuing to rise, and with it the number of Covid-19 patients who are hospitalised as a result of ...