Arco’s liquidators, one of the of the former Dexia’s major shareholders, has almost finished selling its assets. There are only ten shares and 6 loans and obligations left to liquidate, De Tijd wrote on Saturday. It is basing this on liquidation reports describing the situation at the start of December 2015.
657 million euros worth of shares have already been sold, 20% more than a year ago. This increase is largely due to revenue from obligations belonging to Dexia and the insurance company Ethias being sold.
At first glance, these high amounts seem like good news for the 780,000 Arco shareholders, who are mostly Flemish. They will get 1.5 billion euros back. But the paper says the liquidators have also spent a lot. These costs include bank debts: Belfius was one of the first in line to be paid back. KBC also needs money back. The reports say the Flemish bank and insurer got 23.3 million euros last year, and had previously received 20 million.
The money will also be used to pay the European fine, which is several million, for the guarantee given to Arco shareholders. The European Commission thinks this was illegal State aid. This fine is being contested through the European Court of Justice.
Arco was the financial branch of the Christian Labour movement. The cooperative group has been in liquidation since December 2011 and the Dexia disaster.