Investors SNS have a portion of their rights recovered from the judges of the Council of State. This is a major boost for further action.
Today, the Council of State ruled in the case of shareholders association VEB and other aggrieved investors against the Dutch State. The ruling follows the decision of Minister Dijsselbloem of 1 February 2013 in order to expropriate shares and subordinated bonds of SNS REAAL and SNS Bank to proceed. The Minister took this decision on the basis of the recently entered into force Intervention. Decision is partially destroyed at the Council of State was the question whether the Minister reasonably to the expropriation decision may come. The Council of State is considers that the intervention of the Minister for the stability of the financial system was lawful, but that the decision on parts overreaches. The Council of State makes the expropriation of the securities and the subordinated bonds in position but destroys the component where the Minister to expropriate the "obligations and responsibilities" is about. Investors now have the possibility to return bancassurance group SNS to account for mismanagement.
The VEB is satisfied with the destruction of the expropriation of the compensation rights. VEB-director Jan Maarten Slagter: "Investors are again fighting for what they now some of their rights back. " With respect to the other parts of the statement is the VEB disappointed. Against the ruling in the Netherlands no appeal or cassation possible. VEB will examine possibilities to test the ruling to the European Court of Human Rights. The emergency nature of the procedure, the fact that important information (particularly the "Cushman & Wakefield Report" and the "Ernst & Young report ') are not fully available for parties and the marginal nature of the review of the State Council , provide clues for here. The sequel Within seven days the minister misled investors an offer to make compensation for the expropriated effects. The Minister has already stated that the amount of compensation will be nil. Compensation will ultimately within four weeks after the request of the Minister are determined by the Enterprise Chamber of the Amsterdam Court of Appeal ("OK").
VEB has now behalf of the aggrieved investors at the OK reported, so there to ensure that the actual values of the expropriated shares and subordinated bonds in a properly established. Last week, the VEB call to SNS Real and the Advocate General at the Court of Amsterdam to a survey procedure. This so that the lower stone at SNS can emerge and it becomes clear who is responsible for the mismanagement at SNS responsible.