CG Power Systems, a company specialised in the manufacturing of transformers and part of the multinational CG Power and Industrial Solutions group, has announced the closure of its entire Belgian division. Both the facilities in Mechelen (450 employees) and Charleroi (70 employees) will be closed in the near future. The company has been dealing with significant financing issues after allegations of fraud surfaced at the Indian parent group CG Power and Industrial Solutions. The shutdown of the facility in Mechelen is a significant blow for the manufacturing industry within the region as the company was one of the main employers. The final decision came as no surprise to the local unions as the difficulties have been going on for several months. A search for potential buyers for a reboot of the company is currently ongoing.