Brussels prosecutors refer Jean-Claude Fontinoy to trial in SFPIM corruption probe
The Brussels public prosecutor concluded the first stage of an investigation into state investment company SFPIM, sending former board chairman Jean-Claude Fontinoy to criminal court over alleged covert payments.
The corruption case and court referral
The Brussels public prosecutor announced that the first branch of a judicial inquiry into public corruption at Belgium's federal holding and investment company, SFPIM, has concluded. Conducted by the economic and financial division of the Brussels federal judicial police since early 2026, the investigation focused on activities inside the fund's international subsidiary, SFPIM International. Prosecutors will bring the case before the Brussels French-speaking correctional court in November 2026. The proceedings target former SFPIM International board chairman Jean-Claude Fontinoy, aged 81, alongside Thierry Denuit, the former director of the association managing the Train World railway museum. To assemble the case, investigators carried out banking checks, residential searches, and extensive interviews, while detaining multiple individuals during the preliminary phase.
- Alleged covert remuneration scheme operates at SFPIM International
- Brussels prosecutor opens public corruption inquiry into SFPIM
- Prosecutors announce completion of first probe phase after searches and detentions
- Case is scheduled for introduction before the Brussels correctional court
Modus operandi of the alleged payments
The alleged corruption took place across 2023 and 2024 during Fontinoy's tenure as board chairman. Investigators established that the leadership organized a hidden payment pipeline to compensate Denuit for consulting work on fund applications. The Brussels prosecutor's office detailed the structure of the transaction network in an official statement.
This modus operandi consisted of covertly remunerating, through payments to a non-profit association, services for preparing a funding application file to SFPIM by the adviser to the chairman of the board of directors.
While the official communication from prosecutors omitted names in accordance with standard procedure, the charges specifically target Fontinoy and his advisor. The prosecutor emphasised that all defendants maintain the presumption of innocence until a final verdict is delivered.
Fontinoy's career and past scrutiny
Fontinoy spent over two decades as a close aide to former Belgian cabinet minister Didier Reynders, working in both the finance and foreign affairs ministries. The two men first connected at the national railway company SNCB in the late 1980s, where Fontinoy later served as chairman of the board of directors. Fontinoy also worked on government business in Africa, particularly in the Democratic Republic of the Congo. The current indictment follows previous legal scrutiny, including charges of criminal association and forgery in a money-laundering case linked to Reynders, who faced formal charges the previous year. Earlier inquiries by the Namur prosecutor also examined anonymous allegations of kickbacks under 25,000 euros paid to the non-profit Les plus beaux villages de Wallonie, where private sponsorship accounts fluctuated between 16,000 and 73,000 euros. Fontinoy did not respond to requests for comment regarding the latest SFPIM charges.
Continued investigations at the federal fund
The upcoming trial in November 2026 addresses only the initial component of the broader probe into the federal investment company. The Brussels prosecutor's office confirmed that investigations into other suspected instances of corruption within SFPIM are continuing without interruption. Judicial authorities stated that public sector corruption remains a designated priority for the Brussels prosecution service. The economic and financial police division will pursue further financial audits and interviews as the initial case moves toward its first hearing.
