Read the following passage.
The innovation that distinguished the Dutch East India Company (VOC), established in 1602, from earlier mercantile ventures was not merely its scale, but its structural approach to capital. Prior to the VOC, European maritime trade typically relied on single-voyage partnerships. Investors would pool funds to outfit a ship, and upon its return, the principal and profits were liquidated and distributed. This model left the enterprise highly vulnerable to the vagaries of weather and piracy, as a single sunken vessel meant total loss of capital. The VOC, however, pioneered the concept of "capital lock-in." Initially, the company's charter stipulated a ten-year duration before liquidation. But in 1612, when the first payout was due, the directors unilaterally declared that investors could not withdraw their principal. Instead, dividends would be paid on the locked-in capital. If investors needed liquidity, they were required to sell their shares to a third party on the newly established Amsterdam Stock Exchange. This controversial decision insulated the company's operating capital from the immediate demands of its shareholders, allowing the VOC to invest in long-term infrastructure in Asia, such as fortresses and shipyards, which required years to yield a return. Consequently, the secondary market for shares became essential not just for investor liquidity, but for the survival of the corporate structure, fundamentally decoupling the lifespan of the company from the investment horizon of any single shareholder.
Based on the passage, evaluate the following statement as True or False:
The VOC's ability to invest in Asian fortresses and shipyards was directly dependent on denying its shareholders the ability to liquidate their initial investments through the company itself.
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