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11 juli 2013

VEB satisfied with independent review of compensation for SNS investors

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More research is necessary to determine how much compensation SNS investors should receive for their expropriated shares. The courts therefore want an independent study carried out - a glimmer of hope for investors.

The Enterprise Chamber of the Amsterdam Court takes the view that it is insufficiently informed to be able to reach a judgment about the value of the expropriated shares.

Therefore, experts will be appointed in the near future to advise the Enterprise Chamber on the value of these shares at the date of expropriation.

In its decision the Enterprise Chamber has already set out a clear framework for the valuation SNS securities.


In which the full market value of the SNS shares can be taken as a starting point (for example). Investors should receive compensation on the basis of the value of the shares at the moment of expropriation, also taking into account the future prospects for SNS.

The VEB is satisfied with the interim ruling of the Enterprise Chamber. Independent experts will now express an opinion about the value of the property portfolio and thus about the company itself at the date of the expropriation.

Click here for further details of the VEB campaign on SNS Reaal

This will then show whether the minister was correct in assuming the most negative valuation in the report by Cushman & Wakefield. This report was drawn up at the minister's request and provided the basis for the expropriation. Investors have still not been able to gain access to large parts of this report.

In the VEB's view, the closing price on 31 January (the day before the expropriation) provides an excellent starting point for compensation. All the negative and positive future prospects had already been factored into this share price.

On 1 February the Dutch Minister of Finance, Jeroen Dijsselbloem, decided to expropriate the shares and subordinated bonds of SNS Reaal and SNS Bank. The minister took this decision under the new Financial Institutions (Special Measures) Act (or Intervention Act).

The minister is required by law to offer expropriated shareholders appropriate compensation. The offer made by Minister Dijsselbloem was zero euros per expropriated share.

The issue put before the Enterprise Chamber is whether this offer represents full compensation for the losses incurred. The experts will now be the first to express an opinion. Following which the parties can again respond before a final judgment is made.

Further action
At an earlier stage the VEB lodged an appeal with the Council of State against the nationalisation of SNS Reaal. This appeal was rejected in part. Although the expropriated investors did get back their right to make damage claims against the company, its directors, supervisory directors and the auditor.

Has your investment also been wiped out? You can still join the action.

VEB has also lodged an objection with the Nederlandsche Bank when at the end of January it put SNS under duress by demanding that it raise its capital buffers within a few days by 1.84 billion euros.

Apart from the legal proceedings referred to here, VEB is also looking into the possibility of instituting inquiry proceedings (into possible mismanagement) and a review of the decision to nationalise at the European Court of Human Rights (ECHR).

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