Radio 1 - Interview De Gier Business Law

Bos demonstrates misleading Fortis information
Bond and option holders Fortis join forces with shareholders

Utrecht, october 15th 2008 - After the debacle for shareholders, it now appears that numerous holders of bonds and options have sustained severe losses from the Fortis bankruptcy, as appears from the large number of clients reporting to De Gier Business Law. Many reactions concern the statements by Minister Bos on television last Tuesday. “Investors obviously feel mislead by them”, says attorney Adrian de Gier.

BOND HOLDERS
It appears that financial damages have been underestimated. “The shareholders have suffered losses, but there is a lot of turmoil amongst holders of bonds and shares as well. They are in any case being confronted with a substantial devaluation of their possessions and are in the dark as to where they now stand”, thus De Gier. “We are talking about surprisingly large groups who feel badly damaged by the sudden takeover of Fortis. Their bonds have severely decreased in value. All parties support the claims which are now being prepared by us”.

STRONGER CASE
According to attorney De Gier, Tuesday evening has only made their legal case stronger. “In the Paul & Witteman talk show yesterday, Minister Bos explained how between September 29th and October 5th he had been involved in the takeovers of Fortis Nederland and ABN AMRO. ‘What I am proud of, is that during this week we spent three days negotiating Fortis and ABN AMRO without anyone knowing about it’, Mr Bos stated. This new information given by the Minister implicitly appears to confirm that Fortis did not inform the market correctly, seeing that on October 2nd the bank still reported its financial position to be stronger than ever before. Whereas Minister Bos in Tuesday evening’s broadcast spoke of the bank being close to collapse if he had not decided to entirely take over Fortis Nederland and ABN AMRO. The consequence of these actions is that, amongst others, Fortis Nederland and its management are liable for the damages sustained by investors”.

We all know the results. Many thousands of victims ‘got on board’ in that particular week, buying large quantities of shares and bonds. Professional investment consultants proclaimed Fortis ‘best buy’, leading to intensive buying. The consequences are well known. The investor pays the price for secret government operations, meaning the Minister of Finance, Wouter Bos and Prime Minister, Jan Peter Balkenende. De Gier: “The Dutch branch of the bank-insurance company may be safe for now, but it is clear that the investors are presented with the bill. Deliberately, as is becoming increasingly evident. We are doing our best to make those responsible pay, not the investors.

Victims
Organizations, companies and individuals who have been victimized are explicitly called on to report on the website of the Utrecht based law firm (www.dgb.nl) in order to maximize the group on behalf of which claims will be filed. Victims not living in the Netherlands are also invited to report on the website. Preparations are under way to file similar claims on behalf of foreign investors in collaboration with associated foreign law firms.