The stock market regulator speaks of market manipulation: “This report will strengthen the legal case against Nyrstar and its directors.”
- Evelyne van Wassenhove
- Sep 15
- 2 min read
The Nyrstar saga continues to make headlines. La Libre follows up on articles published by L'Echo and De Tijd and highlights a striking statement by Sandra Gobert, CEO of Guberna:
" If it turns out, as appears to be the case in the FSMA report, that the directors knowingly and deliberately provided the market with false information and concealed facts, this would constitute an undeniable case of mismanagement on the part of the directors."
A decision to this effect by the FSMA's Sanctions Committee would set a historic precedent in terms of the protection of minority shareholders in Belgium.
However, in order to avoid any misinterpretation of the article, I would like to correct the way in which the decision of the Brussels Court of Appeal is presented. The absence of a conviction did not in any way imply Nyrstar's innocence, but was merely the result of the fact that no investigation could be carried out due to a lack of resources! The judgment had also severely criticized the Belgian state for this failure. Justice Minister Annelies Verlinden confirmed yesterday in De Tijd that financial crime cases were too often relegated to the background in favor of drug-related investigations. She specifically cited Nyrstar as an example.
What the FSMA auditor revealed—€719 million in hidden debts and systematic value leaks to Trafigura—cannot be dismissed out of hand. There is a clear link between the two: the financial losses are the direct result of secret agreements between Nyrstar and Trafigura, in which Trafigura benefited from discounts of up to 75%! This confirms what minority shareholders have been denouncing for six years: Nyrstar has been structurally weakened for years, to the benefit of Trafigura. And these losses in value were simply hidden from the market until the starting signal was given for a hasty restructuring, from which Trafigura emerged as the winner, taking over all of Nyrstar's assets for a song once the company had been stripped of its substance.
If the FSMA Enforcement Committee confirms its auditor's findings, Belgium will finally see a turning point: a clear signal that financial malpractice, however complex, will be dealt with. This will not only be a major legal milestone, but also a moral one, restoring confidence in corporate governance and investor protection.
automated translation by Deepl
