"Group Pruxelles Lambert ("GBL") is deeply saddened to announce that Alber Frere, Honorary Chairman and co-controlling shareholder of the company, passed away today at the age of 92," the press release read.
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The statement added that his funeral will be held "in the strictest family intimacy", in accordance with Frere's wish.
Alber Frere, a Belgian billionaire-investor, had provided financing to large European businesses. He became the richest man in Belgium by transforming his family nail and chain business into a huge conglomerate that produced a range of products and services, ranging from alcohol to energy.