Prince Laurent's real estate companies in the red

Belgium's Prince Laurent needs to come up with €3 million by the end of the month if he is to save the future of his real estate companies, write Het Nieuwsblad and the Sudpresse newspapers on Tuesday.

The board of directors of Cerbux Invest and Rec Arlon 67 sounded the alarm when both companies, in which Prince Laurent has shares, started going into serious debt. Invest Cerbux's most recent financial statements show a loss of nearly €360,000 last year, but the company has been in the red since 2013. The recent figures show accumulated losses of more than €2 million.

KBC, Cerbux's main investment bank, has sent out an urgent request for the companies to clean up their act. The real estate companies would therefore need to find €3 million of fresh capital, the board of directors announced to the shareholders. The deadline is 30 September.