What has Fortis management done?
• it has misinformed shareholders • it has consistently denied rumours and statements by analysts that a capital increase would be necessary to strengthen the balance sheet. • it has consistently informed the market that the direct and indirect effects of the subprime crisis and the credit crisis were limited or under control. • It said on September 26th 2008 that withdrawals by Fortis clients from their savings accounts were limited and the company was not in trouble. • It has stated (for example on June 5th 2008) that the balance sheet was healthy. • It promised shareholders an unchanged dividend which promise was not kept. • It has provided wrong information on the position of the European Committee, claiming it had refused a request for more time to sell assets. • it has mismanaged the company during these crisis times. Management • has lost credibility in the financial community • did not take appropriate action in time • lost control over the process. • Managements actions have r
