National Bank annual accounts incorrect?

Posted on 12-06-2013

Lawyer Erik Monard says that the annual accounts of the National Bank are not transparent and even incorrect. In making his point, he called upon the services of BB3 Revisoren, more specifically Inge Beernaert – partner at BB3 Revisoren – and Paul Pauwels – bank auditor and external consultant to BB3.

It was shareholder Jaak Van Der Gucht who first noted that the annual accounts of the National Bank contained major shortcomings. Unable obtain a satisfactory response from the National Bank, he together with some one hundred shareholders sought guidance from the law firm Monard-D'Hulst.

And lawyer Eric Monard in turn called upon the services of BB3 Revisoren. Inge Beernaert and Paul Pauwels detected multiple problems. 'If the gold on the balance sheet is not owned by the National Bank but by the State, the annual accounts are incorrect', says Inge Beernaert in De Tijd. 'The unrealised capital gain on gold is now presented as a part of the equity capital. Which means that it belongs to all shareholders. Moreover, a proper explanation is needed of when economic ownership is transferred in whole or in part, i.e. if the dividends and capital gains principally go to a single shareholder – this being the Belgian State.'

Read the full article here.