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Belgian Court Postpones Decision to Dissolve Nyrstar

Metal News - Published on Mon, 29 Jun 2020

Image Source: Nyrstar Zinc
The Antwerp commercial court has instructed Nyrstar to postpone a general meeting scheduled for June 30 to make a decision on the dissolution of the zinc firm. The move comes after demand from a group of Belgian minority shareholders united around RSQ Investors, arguing lack of transparency on the restructuring of Nyrstar. RSQ Investors accuses Nyrstar of having, in close consultation with Trafigura, significantly harmed the company since Trafigura’s entry into the company in 2015 by tacitly contributing to the impoverishment of the company through a series of on- and off-take agreements.

RSQ Investors said “It is our conviction that the board of directors could and should have created all the necessary financial transparency before, and thus would have avoided the statutory auditor Deloitte delivering a qualified opinion on the annual accounts for two consecutive years. As a result, the minority shareholders are deprived of important information regarding the contested restructuring and the circumstances that gave rise to it.”

Deloitte, which acted as the auditor for Nyrstar, had previously warned that incomplete disclosures relating to supply deals with Trafigura could affect Nyrstar’s financial reports.

Currently, the firm is the world’s second largest zinc producer and one of the biggest zinc smelting companies. It has operations across northern Europe, the United States and Australia. Its mines are located in North America. Geneva-based Trafigura acquired 98% of Nyrstar in early 2019 as part of a restructuring process.

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Posted By : Yogender Pancholi on Mon, 29 Jun 2020
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