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FSMA Seeks 1.6 Million Euros in Fortis Fines, L’Echo Reports

Belgium’s Financial Services and Markets Authority proposed about 1.6 million euros ($2 million) in fines against Fortis Bank SA/NV (FBAVP) and three former executives for activities in 2008 and 2009, L’Echo newspaper reported.

An FSMA investigation found evidence the company distributed misleading information and the regulator has recommended fines of 250,000 euros each against Fortis SA/NV, Fortis NV and former deputy chief executive Herman Verwilst, L’Echo said. FSMA also seeks fines of 500,000 euros from former chief executive Jean-Paul Votron and 400,000 euros from former chief risk officer Gilbert Mitler, the newspaper reported.

A representative for Fortis, now known as Ageas (AGS), couldn’t immediately be reached for comment outside of normal business hours. The L’Echo report said each case will be handled separately in administrative proceedings that can be appealed.

To contact the reporter on this story: Rebecca Christie in Brussels at rchristie4@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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