Leterme faces 110 million-euro mystery

31st July 2007, Comments 0 comments

31 July 2007, BRUSSELS - Formateur Yves Leterme (Flemish Christian Democrats CD&V) has been confronted with a mystery. A budget memo states that the state owes EUR 110 million to the Bank of New York as part of a settlement. But the Bank of New York knows nothing about it, says general manager Paul Bodart.

31 July 2007

BRUSSELS - Formateur Yves Leterme (Flemish Christian Democrats CD&V) has been confronted with a mystery. A budget memo states that the state owes EUR 110 million to the Bank of New York as part of a settlement. But the Bank of New York knows nothing about it, says general manager Paul Bodart.

The office of Finance Minister Didier Reynders (Liberals MR) says that there has been some sort of error. The sum is apparently not due to the Bank of New York, as the budget memo reports, but rather to the Morgan Guaranty Trust.

Questioning of JP Morgan reveals that Morgan Guaranty Trust has been sold to Bank of New York. But the Bank of New York still says it knows nothing of the settlement. It has been suggested that perhaps the settlement has something to do with the taxes paid by JP Morgan on the sale of Morgan Guaranty Trust.

[Copyright Expatica News 2007]

Subject: Belgian news

0 Comments To This Article