He will also have to pay a monetary restitution of about €120,000, and a fine of €100,000. Around €19 million were confiscated, as well as as a number of paintings. The civil parties in this case walked away empty handed however, as the defendant wasn't sentenced to pay damages to any of them.
The defendant was convicted of having embezzled around €25 million between January 2007 and March 2010, damaging the "Belval Plaza" company.
The defendant, who was a manager of seven Multiplan companies, misappropriated funds put up for the development of projects such as Belval Plaza I, Belval Plaza II and Belval Plaza Tower in Esch-sur-Alzette's Belval area.
The man's eventual sentence was more lenient than the punishment demanded by the prosecution, which had demanded a seven-year partially suspended prison sentence in which the fixed prison term would have been significantly longer than the suspended sentence term.
The monetary fine of €100,000 is however far higher than the the €10,000 fine demanded by the prosecution. The confiscation order of around €19 million in assets and art was fairly close to the prosecution's demand.
Guy Loesch, lawyer for one of the civil parties, was surprised at the fact that no damages were awarded to civil parties and has announced that he intends to appeal the verdict.
