Similar to the British in India, it was first controlled by some kind of company that benefitted the host country by extracting resources, and later on the host country took control. Belgium took control of Congo in 1908
It was literally the king that wanted it as personal venture. Belgium took over because he was very/too bad ( you're right that the governement was involved, I stand corrected).
Healthcare and infrastructure was then build too, but the relation was already scarred and well, it's not easy to reset everything.
The king had a side biz