Dutch Enterprise Chamber Issues Ruling On SNS Reaal Nationalisation: Experts Will Be Appointed To Determine Compensation For Expropriated Financial Instruments

On Thursday 11 July 2013 the Enterprise Chamber of the Amsterdam Court of Appeal ruled on the compensation offered by the Dutch Minister of Finance in relation to the expropriation by the Dutch State of shares and subordinated debt issued by the SNS Reaal Group.

In our newsflash of 4 February 2013 we reported on the nationalisation on 1 February 2013 of the SNS Reaal Group as first-time application of the Dutch Intervention Act. On 25 February 2013 the Dutch Council of State ruled in relation to this nationalisation that the Dutch Minister of Finance was entitled to expropriate the shares and subordinated debt, but not future claims. As envisaged in the Dutch Intervention Act as a next step the Dutch Minister of Finance made a compensation offer to holders of the expropriated financial instruments. This offer amounted to EUR 0,00 per financial instrument, because, according to the Dutch Minister of Finance, without the expropriation the SNS Reaal Group would have