The Chamber of Corporation in Amsterdam has refused a request for an investigation into Triodos Bank. According to the judges, the bank’s past policy could be called into question, but the investigation would not be in the interest of both Triodos and the depository receipt holders who brought the case.
More than 43,000 savers, including several thousand Belgians, have put money into Triodos Bank in recent years, and together they totaled about €1.2 billion. In return, they received a certificate with which they could participate in the bank’s profits. But during the Corona pandemic, investors suddenly wanted to dump their certificates en masse. The trade closed and years later people still couldn’t get their money’s worth. The buyback program was withdrawn by Triodos Bank, but the bank promised to set up an alternative trading platform where certificates could be traded again.
Angry investors, united by the Triodos Bank Certificate Holders Foundation (SCTB) and the VEB private investor club, went to court in Amsterdam at the end of last year, demanding an in-depth investigation into the bank’s policy.
According to Enterprise Chamber, Triodos already knew in 2017 that trouble was imminent. The judges ruled that the bank should have investigated possible solutions earlier. but otherwise there would be no “good reasons” to doubt the situation at Triodos.
The Foundation Chamber also believes that launching its own investigation may delay the process that has now begun on Triodos. As a result, certificate holders will have to wait longer and this may have a negative impact on the demand for certificates on the trading platform. Thus, balancing the interests involved leads to the rejection of the investigation request.
How safe is your money with the bank? What about foreign institutions? (+)
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