Minority shareholders file petition against Nyrstar board after company was formally placed under suspicion in criminal investigation.

Nyrstar Collective seeks appointment of a provisional administrator to break Trafigura's grip on the board of directors

Brussels, 26 June 2026 – The minority shareholders of Nyrstar NV, united in Nyrstar Collective and together holding 15% of the shares, today filed a new petition with the Enterprise Court of Turnhout. They are requesting the appointment of a provisional administrator to safeguard the interests of the company. In 2019, virtually all operational assets of the Nyrstar NV were transferred, in highly questionable circumstances, to commodities giant Trafigura.

The petition builds on earlier proceedings in which the minority shareholders had already requested the appointment of a provisional administrator. At the time, the court considered that request premature. It decided to postpone its final ruling pending the decision of the Sanctions Committee of financial markets’ regulator FSMA and the progress of the ongoing criminal investigation.

Since then, significant new facts have come to light.

The FSMA's Sanctions Committee ruled that Nyrstar NV was guilty of market manipulation and imposed an administrative sanction on the company. Although individual directors were not convicted, the Sanctions Committee noted this was due to insufficient investigation into their personal involvement. What is certain, however, is that someone was responsible for drafting the misleading communications for which Nyrstar NV was found liable, meaning the question of individual responsibility has by no means been definitively answered.

Central to the minority shareholders' new petition is the fact that Nyrstar NV has been formally placed under suspicion in the criminal investigation on 6 June 2026 by the investigating judge in Antwerp. This decision means there are serious indications of, among other things, forgery, the use of false annual accounts, and misuse of company assets — referring to the transfer of assets from Nyrstar NV to Trafigura. 

This means that Nyrstar NV itself will have to initiate the necessary legal proceedings to safeguard its rights, which is precisely what the minority shareholders have been unsuccessfully calling for over the past several years. The FSMA also appears to share this concern, as it stated in its press release of 9 June 2026 that any proposed dissolution or liquidation must in no way jeopardise the proper conduct of the criminal investigation or the company's ability, where appropriate, to pursue claims against those responsible.

Nyrstar Collective is confident that these new facts will convince the court, particularly since it is now objectively established that a conflict of interest exists on the part of Nyrstar NV's directors. Three of the four current board members were in fact already member of the board at the time of the disputed transactions for which the company has now been formally placed under suspicion. Given their possible involvement in these matters, only a provisional administrator can act in the company's interests neutrally.

According to Nyrstar Collective, the new development in the criminal investigation confirms the concerns that the minority shareholders have been voicing for years. They have long maintained that the board of directors does not operate independently and makes decisions that primarily serve Trafigura's interests rather than those of Nyrstar NV itself.

With this petition, the minority shareholders aim to ensure that decisions critical to the company's future are overseen by an independent representative, free from potential conflicts of interest.