Association VEB / 1/CVB
PO Box 240, 2501 CE The Hague
Amaliastraat 7, 2514 JC The Hague
+31 (0) 703130000
+31 (0) 70 313 00 99
VEB | vereniging van effectenbezitters [email protected]
Rack. ABN-AMRO 51.70.19.485
K.vl <40408053
Mr. J. M. Slagter, director Association VEB NCVB
Ministry of Finance
Minister of Finance
The weledelgestrenge Mr. J.R.V.A. Dijsselbloem
PO Box 20201
2500 EE HAGUE
The Hague, February 4, 2013
Excellency,
This letter I write to you in my capacity as director of the VEB NCVB r'VEB "), with approximately 48,000 members the largest association of (private) Dutch investors. According to its statutes, the VEB represents the interests of investors in the aile broadest sense, including in particular those of its members, including the conduct of legal proceedings. Among our! oaths are a large number of former holders of shares, whey subordinated bonds of SNS REAAL NV and SNS Bank NV.
I refer to your decision dated 1 February this year to expropriation of securities and assets SNS REAAL NV and SNS Bank NV ("the Decision"), your letter to the House on the subject of the same date, the letter from the board of dr January Sijbrand DNB a an you dated 24 January last, and to statements about the nationalization of SNS yourself in the TV program Buitenhof last Sunday and the Prime Minister during his weekly press conference last Friday.
The VEB is examining the legality, effectiveness and proportionality of the Decree. Possible leads one and another to initiate one or several legal proceedings. That is what this letter is not.
The VEB is also investigating the possibility of an inquiry procedure with the Enterprise Chamber of the Amsterdam Court to possible mismanagement at SNS REAAL NV in the period since the IPO in 2006 until last Friday. The situation such as that outlined in the letter of Mr. Sijbrand and in your aforementioned letter to the Lower House offers to our eyes sufficient "reasons to doubt a correct policy" - the criterion that the law allows for assigning a poll request . The Prime Minister took already unmistakable advance on the outcome of such an investigation by speaking of "mismanagement" at SNS REAAL NV.
Action Service
In Buitenhof let you know also need for an investigation into the affairs of SNS Rea aI NV. Several MPs also called on all to such an investigation. The judgment uwanbeleid "of the Enterprise, supported by an independent and authoritative research, the basis for compensation proceedings against (former) directors and commissioners we understand also an object of you and several MPs.
As you may know, the VEB has extensive experience with this remedy. I refer to the successful survey requests on the demise of Fortis, the Ahold accounting fraud and bankruptcy of Landis.
A legal complication where the VEB with other former shareholders of SNS Rea aI NV encounter is the fact that by the Decree no shareholder anymore. By strict interpretation of the law (which interpretation we would fight) would
Enterprise Chamber took the view argue that former shareholders Ionger not receptive to a survey request. Outside the company itself, the Advocate General at the Amsterdam Court and the workers' organizations would aileen current shareholder may have this right.
This is according to the VEB an undesirable and probably not expected effect of the lnterventiewet and the Decision. It is not socially desirable that misled investors no poll request to possible mismanagement at SNS REAAL NV could submit.
I would like therefore to consult with you about the manner in which a poll request to the Enterprise Chamber on the affairs of SNS ReaaI NV form could get. It is conceivable that the company SNS REAAL NV instructs the VEB has the contractual right to give a survey request to based on art. 2:346 c BW. You can also VEB give a proxy to make such a request.
Like to hear from you as soon as possible. I hold myself available for consultation at any time and any place you come.
Sincerely,
