KBC backs international Facebook complaint

The Flemish bank KBC is backing an international complaint against the Facebook company. A KBC investment fund suffered losses as a result of the controversial floatation of the company that operates the social networking site.

The company was floated on 18 May. Euphoria soon made way for a hangover and the share is now only worth half its initial value.

A KBC investment fund is thought to have lost 350,000 euros. International investors have filed a joint complaint accusing the company of issuing false and misleading information in connection with the floatation. The Flemish high street bank now hopes to recuperate some of its losses via court action.