News co-operation
Hassle around the collection of FrieslandCampina bonds
A number of (former) members of FrieslandCampina in the South of the Netherlands have complained to the cooperative about improper conduct in the redemption of member bonds. The cooperative would unauthorized transfer the cashed-in money back to the owner of the bonds through its own account. FrieslandCampina states that it is not doing anything wrong.
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The dairy cooperative has placed internal stock exchange trading in the hands of . at the beginning of 2021 Captain, a service provider that offers a trading platform for various companies, including a number of cooperatives. It also acts for ForFarmers/FromFarmers. In connection with its activities, Captin is under the supervision of the AFM, among others.
Receive money through undeclared account
The case started when one of the members resigned and then sold the bonds. The money came in with a delay and through a different account than stated. In addition, the amount to be received would still be set off against a claim that FrieslandCampina still had against the former member.
According to the articles of association of the cooperative, FrieslandCampina has the right to set off claims, a spokesperson stated with reference to these documents. The livestock farmer does not dispute the right to set-off, but argues that the manner in which it is not allowed. Reference is made to brochures published in previous years.
Captin keeps her mouth shut
The member bonds are registered and traded via Captin, via a predefined route. According to the livestock farmer, no third party may intervene. According to the farmer, Captin is of that opinion, but this company does not want to respond to Boerenbusiness. It refers to FrieslandCampina. The livestock farmer has data from several colleagues where the cashed-in money has also been refunded to an account other than that specified with Captin. FrieslandCampina maintains that it has not done anything illegal.
No role for issuer
The Netherlands Authority for the Financial Markets (AFM) does not discuss specific situations, because it has a statutory duty of confidentiality. She does, however, point to existing legislation. "In principle, an issuer itself should not play a role in the trading of its bonds. In principle, the issuer is not entitled to the proceeds," said a spokesperson. He emphasizes that this should not be interpreted as an opinion about the situation surrounding FrieslandCampina.