GBL group's billionaire Albert Frere passes away due to old age ailments

Albert Frere, the industrialist who became one of Belgium's richest persons during more than a half-century of deal-making, has died at the age of 92 years, according to his GBL group.

Starting out in the scrap metal sector, his relentless business drive turned him into one of Europe's most important businessmen until he retired three years ago.

The company said in a statement Monday that "under Frere's leadership, GBL became one of the largest holdings in Europe."

Belgian media said Frere was the nation's fourth-richest person with an estimated fortune of over euros 6 billion (USD 7 billion).

(With inputs from agencies.)