“The biggest hold-up in Belgian industrial history”
- Kris Vansanten
- Mar 7
- 1 min read
Updated: Apr 11
“The greatest hold-up in Belgian industrial history” — that is how the magazine Le Vif describes Trafigura’s role in the acquisition of Nyrstar’s assets. Le Vif hits the nail on the head with a hard-hitting article published today, revealing several shocking findings.
The aggrieved minority shareholders, united under RSQ Investors, have long argued that Trafigura unlawfully seized control of Nyrstar’s assets. They point to a deliberately orchestrated liquidity crisis and a restructuring that was entirely unnecessary. The article in Le Vif appears to reinforce those claims once again.
The journalist’s analysis also indicates that Hilmar Rode, former CEO of Nyrstar and current CEO of Sibelco, was aware of so-called “value leakages” at Nyrstar — meaning funds were being siphoned off for the benefit of reference shareholder Trafigura. Minority shareholders have maintained this stance for years, but the article painfully highlights just how misleading the former CEO’s communication to the market was, despite his full awareness of the underlying facts.
The article clearly illustrates how a Belgian publicly listed company can be hijacked in plain sight, while no one seems able to stop a corporate behemoth like Trafigura. The company cleverly exploited the lack of efficient and effective enforcement of existing Belgian corporate law and governance regulations to achieve its objectives.
I urge members of parliament and government ministers to read this article — only they have the power to bring about change. And such change is urgently needed if we wish to prevent a repeat of this scenario.
Le Vif offers a sobering look at the entire saga — essential reading for anyone seeking to understand the full scope of this case.
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