A Swedish businessman, Lars-Erik Magnusson, and a former Brussels lawyer, Eline M., have been sentenced by the Brussels Criminal Court for their involvement in a multi-million real estate fraud. Magnusson received a suspended prison term of four years and a fine of €3.2 million, while Eline M. received a two-year suspended term and a fine of €1.6 million. The charges against them included money laundering, tax fraud, and abusing company assets.
The case revolved around the 2004 sale of the Bastion Tower in Brussels for €117 million, resulting in a capital gain of over €25 million. Following the sale, the management company of the building, SA Bastion, was acquired by Magnusson for €4.5 million. However, instead of using the funds to pay Belgian tax authorities on the capital gain, the money was redirected to Magnusson’s shell companies with the assistance of lawyer Eline M.
After years of non-investment and failure to submit annual accounts, SA Bastion reported a misappropriation of €10.5 million to the authorities in 2010. In 2013, the company was declared bankrupt with liabilities of €24 million. Investigations revealed that the embezzled money had been used to purchase a yacht owned by Magnusson.
The court found that Magnusson had used fraudulent funds of €4.5 million through shell companies to finance his yacht and properties, with Eline M. willingly participating in the crimes. While lawyers from two leading law firms, Simmons & Simmons and DLA Piper, were implicated in aiding the crimes, they were not prosecuted directly. An appeal against the ruling is expected to be filed.
By FCCT Editorial Team freeslots dinogame telegram营销
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