Ladies and gentlemen, politicians, the floor is now yours.
- Kris Vansanten
- Mar 28, 2024
- 1 min read
Following more than five years of minority shareholders fighting against the alleged fraudulent takeover of Nyrstar by Trafigura, and with the facts clearly at hand, the main players continue to hide behind silence and procedural battles. This is a recurring pattern in numerous other cases, even where legal proceedings have been initiated.
It is time that our policymakers recognise that our constitutional state offers insufficient protection against what is known as 'vulture capitalism', which leads to a growing spiral of recklessness. The Securities and Exchange Commission has the authority to impose significant sanctions in such cases.
This strategy has proven to be effective in addressing the issue. For instance, Trafigura has pleaded guilty in Miami to bribery in Brazil and will pay a fine of 126 million dollars (https://lnkd.in/e_JXYNgp).
It is therefore essential that we tighten our rules to create a level playing field between reference and minority shareholders, and to strengthen enforcement and punishment.
To this end, we have prepared a policy document containing concrete recommendations and submitted it to prominent politicians and policymakers.
Several of them have already indicated that they will give this document due consideration when formulating their policy plans and implementing policy.
The onus is now on the politicians to act on these recommendations. The public interest is significant, as is the need to restore confidence in the proper functioning of the judiciary and the capital market.
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