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The AFM imposes an order for incremental penalty payments on Top Real Investments B.V. (TRE I)

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On 27 July 2009, the Netherlands Authority for the Financial Markets (AFM) imposed an order for incremental penalty payments on Top Real Investments B.V. (TRE I). TRE I has since complied with the order.

In order to comply with the order, TRE I was obliged to provide its bond holders, to the extent this concerns consumers within the meaning of the Dutch Civil Code, with the following essential information, and to publish this information on its website:

Insight into:

  • TRE I's debts and its equity capital;
  • its participation in the Turkish entity, which TRE I refers to as TRE Turkije, to which TRE I has provided € 9,316,225;
  • the number of villa's sold by TRE I and the total proceeds thereof;
  • the number of villa's TRE I still has to sell;
  • the status of the third-party account into which 25% of the proceeds of the sale of the villa's was to be deposited as security for the bond holders;
  • the specified security managed by Stichting Garantiegelden TRE for the benefit of the bond holders and insight into 
  • the legal position of Stichting Garantiegelden TRE with respect to the investments and the bond holders.
The AFM considers this information of interest to the bond holders so they can make a decision on the exercise of their contractual rights as bond holders and on the restructuring plan to be developed by TRE I. TRE’s failure to provide this information means that TRE I has performed a trade practice that is unfair within the meaning of Section 6:193b and 6:193d of the Dutch Civil Code. Bond holders can use this information to form an opinion on the financial and legal position of TRE I and consequently of the causes of the liquidity deficit and the ceasing of interest payments.

If you have any questions or comments you can contact the Financial Markets Information Line on: 0900-5400 540 (5 eurocents per minute).

The AFM promotes fairness and transparency within financial markets. We are the independent supervisory authority for the savings, lending, investment and insurance markets. The AFM promotes the conscientious provision of financial services to consumers and supervises the honest and efficient operation of the capital markets. Our aim is to improve consumers’ and the business sector’s confidence in the financial markets, both in the Netherlands and abroad. In performing this task the AFM contributes to the prosperity and economic reputation of the Netherlands.

The AFM is committed to promoting fair and transparent financial markets.

As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.

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