The AFM has fined Ageas (formerly Fortis) EUR 288,000 for failing to timely publish price-sensitive information. The reason for the fine was a press release issued by Fortis on 21 September 2007 which addressed the potential effect of subprime investments on the 2007 profit and loss statement. This information was published at the same time as a large share issue needed to finance the partial takeover of ABN AMRO. In the AFM’s view, the press release gave investors an insufficient basis on which to assess the risks that the subprime impact posed to the long-term value of Fortis. Fortis thus denied (potential) investors important price-sensitive information and violated provisions of the Financial Markets Supervision Act. Ageas has indicated that it will appeal against the decision.

Decision AFM 19 August 2010