BNP Paribas shares slump after court ruling on Sudan genocide
Shares in French bank BNP Paribas, in which the Belgian state has a stake of more than 5 per cent, fell to their lowest level in six months on Monday. The bank lost more than 10 per cent of its value on the Paris stock exchange after a jury in New York ruled that its operations contributed to the genocide in Sudan.
BNP Paribas has been ordered to pay 20.75 million dollars – approximately 17.7 million euros – to three victims of the genocide who now live in the US. According to the jury, the bank facilitated commercial transactions during the regime of Omar al-Bashir, the proceeds of which went to the army and the Janjaweed militia.
BNP Paribas was active in Sudan between 1990 and 2009. During the trial, the bank argued that its responsibility could not be proven and that al-Bashir’s regime would have committed the same abuses without its presence.
Al-Bashir, who ruled Sudan for 30 years, was deposed in 2019 and is wanted by the International Criminal Court for genocide, war crimes and crimes against humanity.
"There is no doubt whatsoever that the Bank will fight this case and use all recourses available to it"
According to lawyer Michael Hausfeld, representing one of the victims, the ruling could mark the start of more lawsuits “in defence of victims who have been abused by terrorists or other rogue states”, he told French press agency AFP.
In a statement on its website, the bank said the verdict was “specific to these three plaintiffs and should not have broader application”. “BNP Paribas has very clearly stated its unwavering intention to appeal,” it said. “There is no doubt whatsoever that the Bank will fight this case and use all recourses available to it.”
Other French banks also fell on the Paris stock exchange on Monday, after credit rating agency S&P Global decided to downgrade France’s rating from AA- to A+.
© PHOTO LUDOVIC MARIN / AFP
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