Fortis fined for market manipulation
Wednesday 10 March 2010
The financial services regulator AFM has fined the former Fortis group a total €576,000 for market manipulation and failing to publish price-sensitive information during the takeover of ABN Amro.
Two fines of €144,000 relate to statements by then Fortis CEO Jean-Paul Votron on June 5, 2008 when he said Fortis' solvency was 'on target' and 'strong'. A month later, the financial services group announced plans to issue new shares, sell off units and slash its dividend.
The other fines relate to the non-publication of sensitive information, first revealed in an article in the Telegraaf newspaper on June 14 on the sale of parts of ABN Amro to Deutsche Bank.
Consortium
Fortis, Royal Bank of Scotland and Banco Santander formed a consortium to take over ABN Amro in 2007 for €71bn. But the deal proved to be too expensive for Fortis, which was hit hard by the credit crisis.
The Dutch-Belgian financial services group has since been broken up and partly privatised. In the Netherlands, the Dutch operations are being merged into ABN Amro which has also been nationalised.
For the AFM press release, click here
© DutchNews.nl
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Monday: Between 2º and 5º with light snow or sleet. Around zero at night. Similar Tuesday
Congratulations for the A F NM.
Who is getting the euro 576000?
And what about the shareholders of Fortis who were robbed of their shares?
Any compensation ? My hope is on the actions of the V E B.
By alfred van dam | March 11, 2010 9:44 AM