BNP Paribas director hit by insider dealing claim
BNP PARIBAS FORTIS director Luc Vansteenkiste was in custody yesterday, after being arrested in connection with a €19.5m insider dealing case.
The Belgian businessman – who joined the Fortis board in 2001 – is suspected of being involved with insider dealing in Fortis shares during its final days as an independent company.
The investigation is over the sale of €19.5m Fortis shares by Belgian holding company Compagnie du Bois Sauvage, where Vansteenkiste is also a director.
Compagnie du Bois Sauvage sold the shares on 3 October last year, just before Fortis’ Dutch operations were nationalised by the government.The entire Fortis group was subsequently broken up.
Vansteenkiste, who earned €80,000 in director compensation last year, is the chief executive of foam manufacturer Reticel, and chairman of Belgian photo-finishing company Spector Photo Group.
As well as serving on the boards of Compagnie du Bois Sauvage and Fortis Bank, he is also a director at Belgian companies Sioen, Ter Beke Vleeswaren.
Compagnie du Bois Sauvage refused to comment on the investigation, although it confirmed it had become involved in an insider dealing investigation earlier this month.