News & Warnings

FSMA expands its investigation into Nyrstar’s NV communications

Press release
News article
29/05/2020

The Financial Services and Markets Authority (FSMA) has expanded its investigation of Nyrstar’s NV communications, with two additional components.

Nyrstar’s NV communication provision has long been a point of concern to the FSMA. The supervisory authority has thus repeatedly taken action in this regard. For example, in April 2019 trading in Nyrstar NV financial instruments was temporarily suspended until the company made available to the market the necessary information regarding the scale of its restructuring. Last year, the FSMA also published a warning because the shareholders had not received sufficient information to be able to approve the annual financial statements.

Based on its observations in respect of Nyrstar’s NV communications, the Management Committee of the FSMA decided in September 2019 to entrust the investigations officer with an investigation, under administrative law, of Nyrstar’s NV information provision. This investigation focused in the first instance on the information provided concerning the commercial relationship with Trafigura.

In the interest of proper information of the market, the FSMA wishes to announce that this investigation is now being expanded with two additional components. These are the provision of information about the expected profit contribution from and the total costs for the Port Pirie smelter in Australia, and of information about the company’s solvency and liquidity position at the end of 2018. This expansion enables the investigations officer of the FSMA to carry out the requisite investigative actions about these two aspects, in order to determine whether any financial legislation may have been breached.