29-10-2009: BNB - Action for annulment of the law of 3 April 2009

Deminor and several private shareholders of the National Bank of Belgium (NBB) have instituted an action for the annulment of the law of 3 April 2009. This law radically modifies the rules governing the distribution of revenues and profits of the NBB in order to improve the financial position of the Belgian State to the detriment of the private shareholders of the NBB.

 

With this law, the Belgian State unilaterally imposes fundamental changes to basic principles that have been governing the partnership between the Belgian State and the private shareholders with respect to the NBB. Those rules had been in place for several decades. They are the cornerstone of this partnership.

 

The Council of State had already raised the question as to whether the new mechanism established by the law of 3 April 2009 would adequately remunerate the special situation of the State both with respect to the National Bank and within the NBB, without granting any excessive advantage to the State as compared to the other shareholders of the Bank. Unfortunately, the Belgian government did not give enough time to the Council of State to further investigate this essential aspect of the law. Based on their own analysis of the law, Deminor and its lawyers come to the conclusion that this law actually grants excessive and disproportionate advantages to the Belgian State to the detriment of the private shareholders of the Bank. This leads to a breach (expropriation) of legitimate and fundamental rights of the private shareholders. Other violations of basic constitutional principles in Belgium and of provisions of the Treaty establishing the European Community have been identified which justify the annulment of the law.

 

The law of 3 April 2009 also provides for a serious violation of the voting rights of the private shareholders of the Bank. The law has unilaterally imposed an amendment to the articles of association of the NBB while such amendment should have been submitted to all shareholders' approval.

 

Deminor and its clients are resolute in fighting against the violations of their legitimate rights by the Belgian State - of which the law of 3 April 2009 is the last manifestation - with the objective for the State to appropriate as much profits and reserves from the NBB as possible to the detriment of the other shareholders of the Bank.

 

For the action for annulment of the law, Deminor and its clients will be advised by Mr Pierre de Bandt and Mr Muriel Vanderhelst, from the law firm De Bandt Keustermans & Van den Brande.

 

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Personne de contact :
Charles Demoulin
Tel.: +32 2 674 71 10
E-Mail: charles.demoulin@deminor.com

1_Deminor Press Conference - National Bank of Belgium 29 October 2009 [Compatibility Mode].pdf