In particular, this involved the purchase of more than 850 luxury watches, with a total value of €18 million.
A large proportion of these watches were purchased between 2004 and 2011 via 18 of Becca’s companies, even though the commercial activities of these companies had nothing to do with luxury watchmaking, according to the magistrates. The prosecutor also demanded that 324 watches would be confiscated.
As Flavio Becca has never been convicted and the events occurred more than a decade ago, the public prosecutor’s office would not demand full punishment, said magistrate Guy Breistroff. Of the 643 watches purchases through Becca’s company, 319 would not be confiscated as they were owned by Becca but belonged to the company Promobe Finance SPF.
Becca pleaded guilty. He had treated his businesses as if they were his private property, the court heard. He would use business accounts like a private bank for purchases, with minimal interest rates and loans that were never repaid, Breistroff said.The accused, meanwhile, would use “Promobe”, based in Hong Kong, as a trash can for debt. His own “Bad Bank”, as the magistrate put it.
Tax authorities came across the story in 2010 because the watches were noted down as strawberries. Furthermore, the categorisation of the watches as “free gifts” raised considerable doubts at the time.
The status of “Promobe Finances” would not allow for long-term investment in watches. But Becca would never have wanted to start such a company, said Mr Grasso, who had previously argued for the civil party Ikodomos.
Following a reply by the Defense on Thursday morning the trial will come to an end.
