Acquisition of Belgian flagship Nyrstar: hidden reports that embarrass Trafigura
- Kris Vansanten
- Mar 7
- 2 min read
Updated: Apr 30
'The biggest robbery in Belgian industrial history' is how Le Vif magazine describes Trafigura's role in the takeover of Nyrstar's assets. Le Vif hits the nail on the head with a very thorough article published today that makes some shocking revelations.
The aggrieved minority shareholders, grouped together under the name RSQ Investors, have long been convinced that Trafigura got its hands on Nyrstar's assets illegally. They speak of an orchestrated cash crisis and a restructuring that was not necessary. The article in Le Vif seems to confirm this once again.
The journalist's analysis also shows that Hilmar Rode, former CEO of Nyrstar and current CEO of Sibelco, knew that there were so-called 'value leakages' at Nyrstar and that money was being siphoned off for the benefit of the reference shareholder Trafigura. Minority shareholders have been saying this for years, but the article makes it painfully clear how misleading the former CEO was to the market, knowing full well the true facts.
The article makes it crystal clear how a Belgian listed company can be hijacked while everyone looks on and yet seems powerless to stop a juggernaut like Trafigura. The company was very clever in exploiting the lack of efficient and effective enforceability of current Belgian corporate and good governance legislation to get its way. I therefore invite parliamentarians and ministers to read the article, because only they can change this - and this change is urgently needed if we want to prevent a repeat of this.
Le Vif offers a shocking look at the whole saga. A must read for anyone who wants to know more about the case.
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