Dalla solita fondazione.
Dear all,
The so called ‘Borgersbrieven’, in which the parties that have appealed in cassation, may react on the advice of the Attorney-General to the High Council have been submitted with some delay.
Without any guarantee, please take note of the following remarks.
Our lawyers have studied their replies and are not convinced that the cassation will be succesful for (a.o.) the Dutch State, in my opinion because the replies focus on the ‘content’ and not on the questions that are normally relevant in cassation procedures (is the law correctly applied and are the correct legal articles chosen).
The verdict of the High Council – which normally will not be postponed – is still scheduled for January 27 2023 and I will of course inform you on the outcome, which hopefully implies that we can terminate this ‘soap’.
Encouraging is however the following. The Dutch State has asked the High Council to inform them in time if the High Council will submit the verdict earlier than January 27, 2023 OR will stick to that date. This refers to the Intervention Act, in which is stated that after a verdict is FINAL, the expropriated parties must be compensated WITHIN 4 weeks. The Dutch State has pointed out that – given the fact that this is complex and timeconsuming operation – it appreciates the fact that they will be informed in time, in case the cassation will be unsuccesful for the Dutch State.
The correct finalization of the whole procedure has of course my undevoted attention, but I would like to point out the following. As you know, everyone is expropriated, so you don’t own bonds anymore but you are entitled to any compensation that is determined by the court. I assume that the financial institution where your bonds originally were registered, has administered this properly but it is in your own interest to keep an eye on this (e.g. are your rights visible on your account?), especially when you have chosen another bank in the last 10 years. As soon as the verdict is submitted AND the conclusion is that the Dutch State must pay the compensation AND the way in which the Dutch State is going to pay the compensation is clear, I will outline the procedure to be followed.
The next update can be expected on January 27 2023 (or earlier when the High Council informs us on any change in the date of the verdict).