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 than six years.

More than half of the 146 pages of the decision deal with procedural exceptions and attempts to have the investigation annulled, illustrating a worrying imbalance between legal formalism and economic truth.

The Enforcement Committee settled for a fine of €80,000—a drop in the bucket compared to the estimated €2 billion in damages—to be paid by the empty shell Nyrstar itself (and therefore ultimately by the small shareholders who suffered losses).

No sanctions were imposed on the group's directors, who were acquitted not because they were found innocent (they all participated in the board meeting that approved the incriminating press release), but because of a procedural irregularity, exploited by an army of lawyers arguing that they had not been sufficiently heard individually (after six years of investigation).

As for Trafigura, it has simply escaped any prosecution by the FSMA, which declared itself incompetent in its case.

It should be noted that criminal proceedings are still ongoing in Antwerp and cover a much broader scope than the FSMA.

It should be recalled that in March 2025, the Brussels Court of Appeal dismissed the case against Nyrstar because “the Brussels PJF does not have sufficient investigative capacity to carry out the investigation,” denouncing “the possible responsibility of the State in the face of this exceptionally serious negligence.”

Twice, therefore, the Belgian courts have handed down their decisions not on the merits of the case, but because of procedural irregularities or a lack of investigative resources.

Under these circumstances, justice cannot be served—and Belgium is opening its arms wide to unscrupulous actors ready to seize our assets.

This observation goes beyond the Nyrstar case: it highlights a structural weakness in our institutions. As long as the FSMA remains muzzled and the courts lack resources, market manipulation and abuse of power will go unpunished.

It is time to act. Restoring confidence requires:

- a strengthened mandate for the FSMA;

- real and meaningful investigative resources for economic justice;

- a strong political commitment to defending the transparency and fairness of the Belgian market.

Let us not allow impunity and negligence to undermine our economic rule of law.

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automated translation by DeepL