Minority shareholders of Nyrstar N.V., a global multi-asset business, holding a leading position in Zinc and lead production across Northern Europe, since Hilmar Rode, the company CEO, had taken the office back in December 2016, was seeking an €1.48 billion in liabilities from Netherlands-based multinational commodity trading company, Trafigura Group Ltd., over a potential reform of the Brussels-based Nyrstar, lawyer of the plaintiffs had unveiled on Saturday, the 12th of October 2019.
Aside from that, the lawsuits filed by minority shareholders of Nyrstar N.V. follows several months of legal actions, however the latest Nyrstar N.V. statement had marked for the first time an exact figure that plaintiffs were seeking.
In point of fact, the Belgian producer of Zinc, Nyrstar N.V. had been a whisker away of a bankruptcy before Trafigura intervened and clinched a majority per cent stake in it. Nonetheless, as part of a deal to save the Nyrstar N.V., lenders had to agree to an extension of repayment schemes or to write off their debts, while all of the operating assets of Nyrstar N.V.
was then transferred in to a new entity called Newco 2, headquartered in UK, 98 per cent stakes of which was being held by Trafigura and the remaining shareholders were left with a stake of 2 per cent of Newco 2 through Nyrstar N.V.
As an aftermath, following several months of legal dispute, accusing Nyrstar's board of acting against its legal duties and fraudulent activities, a statement from Belgium-based law firm, Watt Legal said on Saturday (October 12th), "On the basis ...
of fraudulent avoidance of the law provisions regarding liquidation of companies, which require a decision of the general meeting of shareholders. "