Belgian Zinc Giant Nyrstar Formally Suspected of Forgery

Belgian zinc company Nyrstar NV has been formally placed under suspicion by the office of the investigating judge in Antwerp for alleged forgery, use of false annual accounts, and misuse of corporate assets, the company announced on Monday. The criminal investigation marks a major escalation in a multi-year legal saga surrounding the company’s controversial 2019 restructuring, which saw Singapore-based commodities trader Trafigura acquire 98% of Nyrstar’s operating assets.

Context

Nyrstar, listed on Euronext Brussels under the symbol NYR, was notified on 6 June 2026 of its formal placement under suspicion. The company issued a press release on 8 June before market open, stating it has not yet been granted access to the criminal file and cannot comment further on the allegations. According to La Libre Belgique, the case dates back to 2019, when Nyrstar’s zinc operations were sold to Trafigura. Minority shareholders claim that Trafigura first weakened the company through its position as a reference shareholder, only to acquire it at a fraction of its value.

Key Developments

The charges against Nyrstar include forgery (“faux en écriture”), use of false annual accounts, and misuse of corporate assets (“détournement de biens sociaux”). The company stated in its official press release that it “continues to provide its full cooperation with the ongoing criminal investigation in Antwerp.”

This criminal investigation follows a regulatory action by the Belgian Financial Services and Markets Authority (FSMA). In September 2025, the FSMA Sanctions Committee fined Nyrstar NV €80,000 for market manipulation, finding that the company had provided false or misleading information about its liquidity position. On 30 October 2018, Nyrstar stated it had “strong committed liquidity” of €631 million, whereas the actual amount had fallen to €440 million. The FSMA decision is currently under challenge before the Market Court.

The Trafigura Connection

The case centers on Nyrstar’s 2019 restructuring, which transferred the company’s operating assets to a UK-based entity, NN2 Newco, giving Trafigura 98% control. Critics, including the Nyrstar Collective shareholder advocacy group, describe Trafigura’s approach as a “cuckoo strategy” — gradually infiltrating the board, securing unfavorable commercial contracts, weakening the company, and then acquiring its assets at a discount. According to investigative reporting by DC Transparency, Trafigura began acquiring stakes in Nyrstar in 2014, placed its representatives on the board by 2015, and secured a contract to buy 500,000 tonnes of zinc concentrate per year at treatment charges 75% below the industry benchmark.

Minority shareholders are seeking approximately €2 billion in damages, arguing that the restructuring was unnecessary and that Trafigura unlawfully drained assets from Nyrstar NV. The civil case continues in Belgian courts.

Analysis

The criminal investigation represents a significant escalation from the regulatory proceedings. While the FSMA imposed an administrative fine for market manipulation, the criminal investigation involves potential liability for forgery and misuse of corporate assets — charges that carry far more serious consequences. The formal placement under suspicion suggests prosecutors have gathered sufficient evidence to proceed.

Key questions remain unanswered. The current announcement names only Nyrstar NV as a corporate entity, but the investigation may extend to individual directors and executives. Trafigura’s exposure also remains unclear; as the 98% owner of Nyrstar’s operating assets, it could face significant liability if the restructuring is found to have been unlawful.

What’s Next

The case continues to unfold on multiple fronts. The criminal investigation in Antwerp is ongoing, the FSMA decision is under appeal, and the civil case for damages is proceeding through Belgian courts. The outcome could have far-reaching implications for corporate governance, minority shareholder protection, and the regulation of commodity traders in Europe. Nyrstar NV, now a shell company holding only 2% of its historical operating assets, faces an uncertain future as legal proceedings advance.