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SNS shareholders claim company was mismanaged

Tuesday 12 February 2013

Investors in SNS Reaal which was nationalised earlier this month, are to appeal to the Council of State now the government has said they cannot claim damages by alleging the company was mismanaged.

Finance minister Jeroen Dijsselbloem said at the time shareholders would not be compensated for their losses because the shares would have been worthless if the financial services group was allowed to go bankrupt.

He also said shareholders would not be able to claim cash on the basis that the company had been mismanaged. But legal sources have told the Financieele Dagblad the shareholders’ protest has a good chance of success.

A number of organisations and individuals are taking legal action against the minister's decision to expropriate shares without compensation.

On Friday, the Council of State will consider appeals from shareholders' lobby group VEB and FNV trade union, which is owed €20m by SNS.

© DutchNews.nl


Readers' Comments

Wow, they can't win hey, I say let the next one go under, see how shareholders react then

By David | 12 February 2013 12:11 PM

The taxpayer teat will need replacing very soon.

By Dr Ponzi | 12 February 2013 2:00 PM

Finance minister Jeroen Dijsselbloem wants to discourage shareholder damage claims because he knows well that the State is vulnerable for its incompetence in managing and monitoring the SNS bailout.

By Quince | 12 February 2013 5:20 PM

What a disgrace that these people or companies even call themselves shareholders. If they were actually acting like real responsible shareholders, they would not have allowed this to happen.
3 out of the 4 main important banks in the Netherlands have now had to be taken over by the government with our hard earned taxes. This is a success rate of only 25%! Very obviously the banking sector in NL needs a huge reduction in salaries, just based on simple common sense performance information.

By B | 13 February 2013 9:39 AM

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