Luc Vansteenkiste was on the board of directors at Bois Sauvage Holding and was also a manager at Fortis.
On October 3 of last year, just before the government closed a deal with France's BNP Paribas, Bois Sauvage sold €3.6 million worth of Fortis shares. After the deal the Fortis share crashed on the stock exchange, plunging from a value of €5.4 per share to €1.5 per share.
Luc Vansteenkiste is under suspicion of insider's trading. He insists that neither he nor Bois Sauvage did anything wrong.
The judge's chamber has now extended Mr Vansteenkiste's custody. His lawyers are appealing this decision. Judicial authorities will decide within two weeks whether the businessman will have to stay in prison longer.
The second arrest in 'Fortisgate'
The arrest of Luc Vansteenkiste Is the second in the so-called 'Fortisgate'. Vincent Doumier, CEO of the Bois Sauvage holding was taken into custody earlier. His arrest was ordered by the Brussels investigating magistrate. Vincent Doumier is suspected of forgery and having used insider's information regarding the Fortis Group as well.
Bois Sauvage is a diversified holding company
Compagnie du Bois Sauvage is a diversified holding company registered under Belgian law, quoted on Euronext Brussels. It has participations in real estate and strategic holdings.