Brussels court of appeal lashes out at federal government over investigator shortage
- Kris Vansanten
- Mar 21
- 2 min read
Updated: Apr 18
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 shortage of investigators. As a result, the investigation could not be conducted thoroughly and essential tasks of the government are compromised.
Yesterday, the FSMA had to publish a rectification regarding the listed mortuary structure NYRSTAR, after previously giving the impression that the Brussels criminal investigation had been conducted and had not revealed any incriminating elements (see https://lnkd.in/eAS7JFhh). In De Tijd, Bert Broens zooms in on the actual facts of the ruling. And what do we learn? No investigation was conducted at all.
Then, of course, it should come as no surprise that the judge ruled Nyrstar out of prosecution. But more importantly, it appears the judge was not exactly pleased with that outcome. Specifically, the federal government must take the blame for failing to fulfil its core duties. Due to a lack of resources at the federal judicial police, a de facto impunity arises.
Transparency and a minimum level of intellectual honesty is expected from a publicly listed company. Taking facts out of context is simply not acceptable. The FSMA was therefore right to give Nyrstar a rap on the knuckles and deemed a rectification necessary. Incidentally, Nyrstar will soon also have to appear before the FSMA's Sanctions Committee, following a report of market abuse by the auditor.
In any case, the way Nyrstar communicated about the ruling does not bode well. Nyrstar is clearly stubborn. It did publish the ruling, but without any context, only in French, and so well hidden that the average investor could not possibly find it.
It is high time that this kind of malpractice by listed companies is brought to an end.
The FSMA’s mandate must be strengthened so that the tiger doesn’t have to stand by toothlessly. And justice must be able to act decisively, so that deception can no longer go unpunished, even with the deployment of an army of lawyers and advisers. And the ethical oversight of the legal profession urgently needs revision.
Only when the competent authorities act decisively when companies circumvent legislation will the investor rediscover the way to the Brussels stock exchange.
The floor now belongs to the new government, with Finance and Justice in the lead. The stakes: our collective prosperity and the restoration of investor confidence.
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