In the course of the transaction of 3 businesses from Saurer to Rieter, about which we reported yesterday, there were serious violations of the statutory duty of loyalty, the obligation to maintain business secrets and the Rieter Code of Conduct by the 2 members of the Board of Directors Luc Tack and Stefaan Haspeslagh. They have used information internal to the Board of Directors in order to compete with Rieter through their own offer.
Therefore, the Board of Directors of Rieter Holding Ltd. intends to convene an Extraordinary General Meeting at which its members Luc Tack and Stefaan Haspeslagh will be dismissed.
In order to protect Rieter's interests, the Board of Directors will file criminal charges against the 2 directors.
In a statement from the Picanol Group, the allegations against Luc Tack and Stefaan Haspeslagh are contradicted.As previously reported, Rieter Holding AG, Winterthur/Switzerland, and Saurer Intelligent Technology Co. Ltd, Shanghai/China, signed an agreement to transfer Schlafhorst's automatic winders and Saurer's Accotex and Temco to Rieter.