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Daily Insurance Industry News
Sunday 21st of January 2018
January 16, 2009

Fortis shareholders to sue Dutch state

by David Masters

Story link: Fortis shareholders to sue Dutch state

Shareholders in troubled Belgian-Dutch bank Fortis plan to take legal action against the Dutch state over its nationalisation of the bank in the Netherlands.

Mischaël Modrikamen, the lawyer representing 2,300 Fortis shareholders, said a claim for damages against the Dutch government would be filed next week.

Modrikamen last month won an appeal in Belgium’s high court blocking the sale of Fortis’s Belgian business to French bank BNP Paribas.

Fortis shareholders were concerned that BNP was buying the bank at a rock bottom price because of the Belgian government’s hasty concern to find a buyer.

This caused the Belgian government to collapse, following accusations that government officials had leaned on the court to rule in its favour.

Modrikamen said the latest legal move is aimed at widening the scope of the case by bringing in Fortis and all of its subsidiaries, including the Belgian state industrial holding company, the Dutch state, and the Dutch central bank.

Referring to the Hague’s takeover of Fortis’s Dutch operations in October, Modrikamen said the Dutch state had made a ‘fundamental error’ in believing itself to be beyond the reach of justice.

 

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