Belgians scandalized at golden parachutes

Brussels - Dutch-Belgian financial services company Fortis Holding, once one of the largest European banks, reported a €28 billion loss for the year ending 2008, comprising €20 billion for Belgium-owned Fortis Bank and €8 billion for Fortis Bank Nederlandp. The shares of Fortis collapsed from €30 in April 2007 to just above €1 in March 2009. Jean-Paul Votron (above) walked away from the group he headed until his ouster in July 2008 with a €6.3 million pay-out. Financial manager Gilbert Mittler (below) received about €4 million.

Fortis was broken up in September and October 2008 with the Dutch, Belgian and Luxembourg governments taking over its main banking activities to avert its failure.