Flavio Becca is clearly a driven man. The Italian-born bricklayer-turned-entrepreneur who lives in Luxembourg, built his property and sports empire out of nothing. As every child learns from the Icarus story, if you fly too close to sunlight, your wax-glued wings will melt.
Becca was attracted to the sun too many times for her to be able to survive the damage. Because his empire was built on sweet-talk, it is in danger of collapsing. His ambitions led to the destruction of politicians and even a bank. He also loved lavishing himself in luxury and high-flyers.
Strangely, observers of the “Becca myth” are not entirely sure what his empire is made from. It is not clear what his empire is made of, except for property and sporting ventures. Reports mention a complex network of over 80 companies. None of them are large enough to warrant regulation. Director of one company may also hold senior positions in other Becca companies, creating a tight network of property and investment firms.
He also owns several Quick burger bars (which might explain his corpulent physique) as well as a hotel in Luxembourg.
Becca also invested in Olos, a EUR600m fund for real estate development. This fund would be the subject in 2014 of a dispute over the division of assets. Becca claimed that he owned 90% the investment vehicle’s underlying value, which his business partner denied. The deal was meant to be an equal 50/50 split.
Becca’s story is full of land grabs with bitter endings. He planned to build a national sports stadium in Luxembourg with an adjacent shopping mall. This was in the early 2000s. Jean-Claude Junker, then-prime minister, rejected Livingen’s plan. Rollinger, a shopping centre developer who had placed its bets on Becca’s ability as chief developer, sued Rollinger.
Rollinger believed in Becca, and it was not without reason. The secretive entrepreneur was also close to politicians in Luxembourg as well as high-ranking civil servants. The majority of the land where the stadium was to be built was also his, which the planning department deemed unfair and held him against his will. It turned out that one of Becca’s companies also owed substantial amounts to BCEE, which was used to finance the stadium. Becca didn’t have enough liquidity to pay for this money. Although politicians in the country might have helped him avoid bankruptcy and the loss of state coffers, his stadium plan was too much in the spotlight. Becca’s support system crumbled before his eyes.
2011 was the year Becca’s wings began to fall, the same year his stadium bid failed. The police raided his home and offices, and he was charged with embezzlement. According to sources close to the investigation, prosecutors discovered, among other luxury items, a number of watches made by Anonimo in its original packaging. This chest was filled with luxury, and it gave us a glimpse into Becca’s taste. She is a client at Knokke’s jewelry shops, a prestigious Belgian resort, as well as an investor in Anonimo. According to reports, the bricklayer was accused of using high-end luxury items to pay invoices, money laundering and bribes. These items were also allegedly purchased by him using funds he did not own.
Finally, in 2011, Leopard, his professional cycling team, lost a sponsor. This meant that Becca was unable to raise an estimated EUR15m. The team also lost two of its key athletes and one of their doping testers failed the Tour de France.
Now, fast forward to 2015 and Becca is coming to an abrupt halt. According to reports, he is being charged with embezzlement. He is accused of buying private luxury items such as wine, jewellery and weapons, and even land in South Germany for hunting, through Kurt-Construction, a company he owns.
German newspaper BILD reported that Becca purchased the hunting land primarily for prestige, to host members of the German and Luxembourgian political elites and many of his business associates who are as secretive as he.
However, the name Becca has become toxic. Many of his former friends have turned their backs on him. He is believed to be “de facto bankrupt”. It is unknown if he continues to develop properties or just fights the many legal battles in which he is involved. Icarus is about the taste of the sea.
