The Brussels council chamber ruled on Friday that the charges in the case relating to the fall of Fortis, 11 years ago, were time-barred.
End clap for the Fortis case? The Brussels council chamber has just pronounced prescription in the penal aspect of the Fortis case. This means that there will be no Fortis trial unless one of the parties appeals this decision to the indictments chamber.
Fashion names and apple?
L‘avocat Mischaël Modrikamen, which defends around 150 shareholders, is considering the possibility of appealing this decision to the indictments chamber. However, this appeal risks further slowing down this case while the lawyer retains the possibility of crossing swords in front of the Brussels Company Court.
If ever Me Modrikamen were to appeal, it would target BNP Paribas and not Ageas, with which an agreement has been reached.
“The board chamber’s decision allows the group to focus even more on developing its insurance business.”
In the meantime, the seven former Fortis executives, indicted for not having sufficiently informed the shareholders, will not be prosecuted. As a reminder, they are Maurice Lippens (ex-chairman of the board), Jean-Paul Votron (ex-CEO), Herman Verwilts (his successor), Gilbert Mittler (ex-CFO), Lars Machenil (former right-hand man of Mittler), Filip Dierckx (head of investment banking) and Réginald De Gols (in charge of risk management).
In a press release, Ageas
, the insurance group born out of the ashes of Fortis, said it was satisfied with the decision of the council chamber. “This new milestone in the settlement (of past affairs, editor’s note) allows the group to focus even more on the development of its insurance activities. “