All charges in the investigation into Fortis’s demise, now nearly 12 years ago, are barred.
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In that file, the investigating judge had charged seven ex-directors of the Fortis group and Fortisbank because they had not sufficiently informed the investors, but the public prosecutor had asked for the prosecution. Former directors are Maurice Lippens, Jean-Paul Votron and Filip Dierckx.
The judicial investigation into the loss of Fortis started in October 2008 and focused mainly on the period September 2007-April 2008. During that period Fortis planned a capital increase, which was carried out in September 2007. In the course of the judicial investigation Investigating magistrate Burm charged seven ex-directors of the Fortis group and Fortisbank because they had not sufficiently informed investors about Fortis’s exposure to the consequences of the real estate crisis in the United States at the time of the ABN Amro acquisition.
Forgery
In a first phase, the Brussels public prosecutor’s office decided to prosecute them for forgery of the annual accounts, fraud and violations of article 39 of the law of 2 August 2002 on the supervision of the financial sector and financial services. But after further investigation, the prosecutor’s office concluded that it was not certain that the crime of forgery could be proven in financial statements and its use. According to the Brussels public prosecutor’s office, the other offenses were also time-barred by the disappearance of those charges. In addition, a settlement had been concluded in the Netherlands in which some 290,000 investors signed up to receive compensation for a total amount of 1.3 billion euros.
In 2018, the Brussels public prosecutor’s office already decided not to prosecute anyone anymore. “Our priority was that the victims would be compensated, and that is the case,” he said. Whether that was through criminal trial or through a settlement was of secondary importance.
Most of the shareholders who filed for civil action had accepted that settlement and withdrew their civil party claim. Some 150 shareholders decided not to accept the settlement and, through their lawyer, Mischael Modrikamen, insist on a referral and a trial in the criminal court. Master Modrikamen is now examining whether he will appeal against the decision of the council chamber.
Insurance group Ageas, the listed legal successor of the former Fortis, reacts ‘very pleased’ that it is not referred to the criminal court. “With this new important step in the settlement of the cases of the past, the group can focus even more on the further development of its insurance activities.”
After the Fortis debacle during the financial crisis, the insurance arm continued its activities under the Ageas name. At the time, the French BNP Paribas bought the banking activities of Fortis.
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