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Belgian regulator says Nyrstar misled market over liquidity before restructuring.
The FSMA Sanctions Commission did find misleading practices at Nyrstar and convicted it of market manipulation related to its liquidity position prior to the restructuring. The other allegations, despite having been thoroughly analyzed for four years by the FSMA Auditor, were dismissed two years later, after six years of proceedings, including five days of closed-door hearings, without even consulting the minority shareholders' union that had been working on the case for more
Oct 16, 20252 min read


Complex Governance Reduces Belgium’s Market Watchdog to a Wagging Puppy
“Together, we can make our societies open for business but closed for crime.” The words of Belgian Prime Minister Bart De Wever at the United Nations still resonate as I work my way through the 146-page decision of the FSMA Sanctions Committee on market manipulation at Nyrstar NV. The Committee’s mandate was clear: to determine the sanctions for four violations identified by the FSMA’s auditor after years of investigation. His exhaustive reports left little doubt that Nyrstar
Oct 14, 20255 min read


Delayed criminal investigation undermines investor confidence
Minority shareholders who suffer huge losses are left waiting for years, while courts, despite their best efforts, lack the resources to...
Sep 23, 20252 min read


Finally, clear language from the Justice Department
Minister Annelies Verlinden is requesting an additional €1 billion for structural investments in her department. Her message is sobering:...
Sep 14, 20252 min read


FSMA considers direct summons
The imminent introduction of multiple voting rights is currently sparking controversy in the media over whether sufficient consideration...
Sep 5, 20252 min read


The recent articles in De Tijd about Nyrstar's activities in Belgium evoke mixed feelings.
Yes, a battery park in Balen provides job security and contributes to the energy transition, and we can only applaud that. And yes,...
Sep 2, 20252 min read


Inertia as a tactic: Trafigura's ‘Belgian Torpedo’
The wheels of justice turn slowly – too slowly – and this undermines the credibility of the rule of law. In an opinion piece in De Tijd,...
Jul 18, 20252 min read


Board of Directors under fire at General Assembly Nyrstar NV : €5 million per year for an empty shell
Minority shareholders sound the alarm about poor governance, conflicts of interest, mismanagement, and excessive spending. Nyrstar NV, a...
Jun 25, 20255 min read


Nyrstar's board of directors is sinking further into its self-created quagmire.
Another unexpected twist in the Nyrstar case: Kris Peeters withdraws as candidate director. What could be going on? Kris Peeters - ©...
Jun 19, 20252 min read


A Sector Ban to Restore Trust in Corporate Governance
The integrity of corporate governance is under increasing scrutiny — and rightfully so. Belgium’s recent history has shown how vulnerable...
Jun 15, 20252 min read


The Nyrstar case: can justice still be done?
‘It seems that the justice system wants to send a strong message to politicians’, this week in Trends Tendances. Does the justice system...
Apr 6, 20251 min read


Brussels court of appeal lashes out at federal government over investigator shortage
In a ruling in the Nyrstar case, the chamber of indictments at the Brussels court of appeal lashes out at the federal government for its...
Mar 21, 20252 min read


Nyrstar again under fire from FSMA for truncated communication
Here is the truth: the criminal investigation in Brussels into Nyrstar was closed solely due to a lack of resources, and the verdict...
Mar 21, 20251 min read
How do you commit a hold-up on a Belgian listed company?
How do you commit a hold-up on a publicly traded company in Belgium? By applying a cuckoo strategy, as this video explains in less than...
Mar 14, 20251 min read


A Battle for Accountability
A true David versus Goliath story. The small shareholder against one of the most powerful companies in the world, Trafigura, which turns...
Feb 5, 20251 min read


Reflections around the hearing to strengthen Belgium's capital market
"The protection of minority shareholders and the strengthening of the Belgian capital market require well-founded analysis and policy....
Jan 28, 20251 min read


Mithra, Biocartis, Nyrstar: are small shareholders being abandoned?
This is a great victory in our fight for better protection of minority shareholders in Belgium! Today marks an important milestone in our...
Nov 26, 20242 min read


A major step forward for significantly improving the protection of minority shareholders.
Yesterday, the Finance Committee of the House of Representatives held a hearing on strengthening the position of minority shareholders in...
Nov 23, 20241 min read


Politicians, it is now your turn to act!
After more than five years of struggle by a group of minority shareholders against Trafigura's takeover of Nyrstar, and with the facts...
Mar 28, 20241 min read


Ladies and gentlemen, politicians, the floor is now yours.
Following more than five years of minority shareholders fighting against the alleged fraudulent takeover of Nyrstar by Trafigura, and...
Mar 28, 20241 min read
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