SBI CEO resigns in the aftermath of the Paradise Papers

SBI CEO resigns in the aftermath of the Paradise Papers

The Chief Executive Officer (CEO) of the Belgian investment company SBI has resigned in the aftermath of the Paradise Papers’ tax-evasion disclosures, De Tijd reported on Friday. The SBI (Société Belge d’Investissement International) supports companies wishing to expand their operations abroad. It featured in thousands of documents, known since then as the Paradise Papers, leaked last year from the British law firm, Appleby.

The SBI had investments in a company linked to the British Virgin Islands, which created a furore since the Belgian State has the biggest share in the SBI through the federal holding and investment company, SFPI.  Under pressure from Finance Minister Johan Van Overtveldt (New Flemish Alliance, N-VA), the SBI pulled out of the controversial project.

SBI CEO Philippe Hermans has now left the company and according to internal sources, his resignation is linked to the Paradise Papers.

The Egon Zehnder executive recruitment agency has already drawn up a list of candidates to replace him.

The Brussels Times

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