Court waits for former Fortis boss appeal

Judges in Utrecht have decided not to press on with questioning three former Fortis executives until the High Court has ruled on their application to be heard in French by a Belgian court.


Former CEO Jean-Paul Votron refused to attend the hearing earlier this month and the appearance of Gilbert Mittler and Maurice Lippens in June has now been delayed.
A number of investors are suing Fortis for the share price collapse following the partial take over of ABN Amro.
In March, the financial services regulator AFM announced it had fined the former Fortis group €576,000 for market manipulation and failing to publish price-sensitive information during the takeover.
Two fines relate to statements by 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.

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