Skip to main content
Home

Main navigation

  • Top stories
  • Health
  • Crime
  • Politics
  • Business
  • Tech
  • Culture
  • Sports
  • Weird
  • 1-1-2
Business
ABN Amro
ASR
Belgian-Dutch bank
BNP Paribas
damage claims
Fortis Bank
Supreme Court
Friday, 6 December 2013 - 15:02
Share this:
  • facebook
  • twitter
  • linkedin
  • whatsapp
  • reddit

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.

Follow us:

Latest stories

  • Alfred Schreuder fired as Ajax manager
  • PSV lose in Emmen; Groningen fans storm the field during the match
  • Pressure mounts on Alfred Schreuder as Ajax fails to beat FC Volendam at home
  • Nelson Mandela Bridge reopens tonight after repairs due to collapse risk
  • Hero dog from tragic 1953 flood to be honored with a statue
  • Anne Frank foundation launches online project giving insight into those who hid with her

Top stories

  • Alfred Schreuder fired as Ajax manager
  • English language books driving increase in Dutch sales; Audiobooks more popular
  • Housing construction will miss 2023 target by 30 percent
  • Icy roads trigger code orange warning in three provinces; Multiple accidents
  • European human rights court will examine Russia's role in MH17 downing
  • Netherlands considering providing Ukraine with Leopard 2 tanks

© 2012-2023, NL Times, All rights reserved.

Footer menu

  • Privacy
  • Contact
  • Partner content