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Minister avoids 'legal swamp', no probe into what went wrong at SNS

Tuesday 26 February 2013

The government will not order a far-reaching inquiry into what went wrong at financial services group SNS Reaal, which was nationalised at the beginning of this month.

Finance minister Jeroen Dijsselbloem told RTL Z on Tuesday he did not favour a legal inquiry. 'I think the company should now look to the future. I do not believe in a legal swamp,' the minister said.

The investors' association VEB had urged the minister to commission an inquiry in an effort to find out what went wrong. Only shareholders can request an inquiry at the company court and the state is now the sole shareholder in SNS.

Proof

Dijsselbloem also said it would be difficult to prove the company had been mismanaged. 'Investment decisions were taken which worked out badly but ... the question remains, can you make the executives legally responsible?' the minister said.

The VEB, which represents hundreds of investors who lost money when their shares were taken over by the government without compensation, can also try to force a fact-finding investigation at the company court in Amsterdam.

On Monday, the Council of State ruled Dijsselbloem was within his rights to expropriate all the shares in SNS Reaal in order to ensure the stability of the Dutch financial system. But the minister was wrong to try to pre-empt any compensation claims, the court said.

© DutchNews.nl



 

Readers' Comments


Hi,
Minister avoids 'legal swamp', no probe into what went wrong at SNS. The “down on the farm” Mr. Dijsselbloem has something to hide?

By Terence Hale | 26 February 2013 5:21 PM

Not fit to be a finance minister. Let's all look to the future shall we, and remember we are all in this together. The level of disgust for these so called representives gets more and more with every passing day.

By Dr Ponzi | 26 February 2013 5:46 PM

Pathetic. This is an outrage.

By Kevin | 26 February 2013 6:37 PM

here we go another cover up. let shove in the carpet and get back to doing nothing as usual

By roger | 26 February 2013 8:08 PM

As always, public money, private profit.

By Kater | 27 February 2013 9:01 AM

Hang on, they use tax payers money to bailout a crooked bank and don't follow through with a criminal investigation? So far, 14 property-based projects financed by the SNS bank have been identified as being tainted by irregularities ranging from serious negligence to outright fraud. So we reward corruption and deceit. Actually, the real cost is 10-billion-euro package - which follows a much smaller bailout in 2008 Why are these sociopathic 'banksters' not doing jail-time! People really need to waken up and question our politicians actions, this is not acceptable! Are there any ''Dutch comedians around apart from Rutte, that we can vote for, the Italians may be right after all''.

http://uk.reuters.com/article/2013/02/01/uk-dutch-finance-cbank-idUKBRE9100A420130201

By Gabriel | 27 February 2013 9:27 AM

 
 
 
 
 
 
 
 
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