Richest Belgian has come to be a lot richer in at some point

The percentage of the American eating place chain Cava Group nearly doubled on the first trading day. The charge increase yields the Belgian billionaire Eric Wittouck, the most wealthy Belgian, about 640 million euros.

Shares of Cava Group sold on Wall Street Thursday night time for $43.78, an boom of approximately ninety nine percent from the supplying rate of $22. This valued the falafel chain at $4.Nine billion.

The corporation’s biggest shareholder is Artal. The Luxembourg protecting of the Belgian circle of relatives Wittouck holds greater than 1 / 4 of the stocks, approximately 32 million units. The time writes that the rate growth has brought about an boom in the Wittouck own family’s assets of approximately $seven hundred million, or approximately €640 million.

An in advance estimate from the website The Richest Belgians showed that the most wealthy circle of relatives within the u . S . Might have accumulated greater than 10.Eight billion euros, even though the Wittouck circle of relatives rejects that calculation. The funding in Cava Group could without problems lift their fortunes above the 11 billion euro mark.

Eric Wittouck is a descendant of an old Brussels own family with a famous pedigree in politics and industry. Grandfather Paul started the sugar industry in our us of a on the end of the 19th century, and changed into one of the founders of what changed into then called the Tirlemont candy – Tiense Sugar – became called.

After the own family made a fortune from sugar cubes, Eric Wittouck become able to improve his wealth way to Invus, a New York private fairness firm that invested in Weight Watchers and Blue Buffalo Pet Products, an American manufacturer of natural pet food, amongst others.

LuxLeaks and Panama Papers

Until 2014, no longer a good deal greater than that was known about the extremely discreet Eric Wittouck. But then threw LuxLeaks and the Panama Papers spanner within the works. That preliminary investigation exposed a veritable spiderweb of small businesses related to mailbox businesses in tax havens like Bermuda, Hong Kong, Gibraltar and the British Virgin Islands.

In the Panama Papers Wittouck’s name resurfaced in a tax construction surrounding the purchase of a luxurious yacht in 2010: the forty nine-metre-long Exuma, built in 2010, cost 18 million euros.