Luk Tak and Stefan Hasplag are accused by Swiss textile machine manufacturer Ritter of violating their duty of confidentiality as managers.

the A press release issued this Monday by Rieter It starts with a very classic note. The Swiss textile machinery group looks back Acquisition of three companies of the Saurer Group (listed on the Shanghai Stock Exchange) for 300 million euros.

The acquisition took place last Friday, according to which Ritter expanded his empire. Accotex, Temco and Schlafhorst It should enable it to expand its offering in flexible components, bearing solutions, and toroidal spinning systems. So far, nothing surprising.

“The Board considers this a flagrant violation of Ritter’s interests.”

But our colleagues from Tijd noticed a rapid switch in the key in Rieter’s result. The Swiss manufacturer mentions in the wake of the triple acquisition “Serious violations of the statutory duty of loyalty, adherence to business secrecy and the Preter Code of Conduct by two Board members Luke Tak and Stefan Hasplag“.

Duo champions

Luk Tak and Stefan Hasplag They are respectively the CEO and CFO of Picanol, a loom company that also has a minority stake in Rieter. Will be the Belgians Abusing inside information within the board of directors to compete with Rieter with their takeover offer.


millions of euros

Ritter had a turnover of €516 million in 2020. That’s less than a quarter of that of Picanol.

Ritter not only announced the dismissal of the accused duo from managers, through an extraordinary public meeting “not yet held”, but also – File a criminal complaint against two members of the board of directors “to protect Ritter’s interests”..

More than 10% share

Luk Tak was a member of Ritter’s board of directors for four years. Stefaan Haspeslagh only recently joined him, since Picanol paid €45 million (last March) for a 10% stake in the Swiss company. Then Luc Tack acquired an additional 1.5% stake in Rieter through a personal company.

Rieter has 15 production sites in ten countries, employs 4,420 people, and generated sales of €516 million in 2020. Picanol, based in Ypres and listed on the Brussels Stock Exchange, employs 7,000 people and generated sales of nearly €2.2 billion in 2020. Publication is scheduled Picanol’s semi-annual results on August 26th.


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