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On 1st May 2015, the Vereniging van Effectenbezitters (VEB, a Dutch shareholder association) sent SBM Offshore a letter with questions related to the internal investigation into potentially improper sales practices. On its website, the VEB indicated that the letter should be seen as a first step towards possible litigation against the company over the manner in which it informed shareholders about that internal investigation.
On 26th May, SBM Offshore responded to that letter – and a copy of that response can be found here below.
The response contains detailed answers to the questions raised and concerns expressed by the VEB, as well as background information detailing the way in which the internal investigation was handled, what was communicated to the public at each stage, and what decisions SBM took in that context.
The VEB has indicated that, based on the explanations provided by SBM, it will not initiate proceedings against SBM.
SBM Offshore will continue to keep the VEB and other stakeholders informed on matters related to its internal investigation.
