Friday, 6 December 2013 - 15:02
Fortis Bank Board Guilty of Mismanagement
The Fortis Bank board is guilty of mismanagement, as evidenced by a ruling of the Supreme Court. The former directors of Fortis can now be held liable for the failure of Fortis.Earlier the works council already established mismanagement, but Fortis appealed their conclusion. The Supreme Court dismissed that appeal today. The Belgian-Dutch bank was nationalized in October 2008, because it was not doing well financially.
Fortis_Delft
Michiel1972
nl.wikipedia Fortis underestimated the acquisition of the ABN Amro, and had to be rescued. The board should have practiced more knowledge, insight, and effort during that acquisition, according to the Supreme Court. The investors should have been sufficiently informed about the bank's problems. The ruling opens the door for those affected, to file claims. Fortis misrepresented its own financial situation in the period between 2007-2008. The works council ruled earlier that Fortis failed miserably and acted contrary to elementary principles of responsible entrepreneurship, according to the court. Fortis no longer exists, but was merged into ABN Amro, and the insurance part is now called ASR. Both are owned by the Dutch state. The Belgian Fortis Bank was acquired by BNP Paribas.
Michiel1972
nl.wikipedia Fortis underestimated the acquisition of the ABN Amro, and had to be rescued. The board should have practiced more knowledge, insight, and effort during that acquisition, according to the Supreme Court. The investors should have been sufficiently informed about the bank's problems. The ruling opens the door for those affected, to file claims. Fortis misrepresented its own financial situation in the period between 2007-2008. The works council ruled earlier that Fortis failed miserably and acted contrary to elementary principles of responsible entrepreneurship, according to the court. Fortis no longer exists, but was merged into ABN Amro, and the insurance part is now called ASR. Both are owned by the Dutch state. The Belgian Fortis Bank was acquired by BNP Paribas.
