Imtech publishes Shareholder Report on investigations
June 18 2013 - 12:06AM
Royal Imtech N.V. (Imtech) announced today the
publication of its Shareholder Report regarding the investigations
and findings in, amongst others, Germany and Poland as well as
measures taken throughout the entire organization. The Shareholder
Report provides a comprehensive overview of the irregularities,
their impact and related corrective actions. The Shareholder Report
will be discussed with shareholders during the Annual General
Meeting of Imtech to be held on 28 June, 2013.
The investigations revealed a number of important
findings:
- Primary cause for substantial loss which Royal
Imtech suffered, are fraudulent actions in Poland and
Germany
- Imtech's business controls were not sufficient
and have not worked adequately
- Corporate culture suboptimal and too much focused
on good news only
The investigations and other actions described in
the report were triggered early February following indications
about possible irregularities with a project in Poland. This was a
catalyst for other events, resulting in a write off of EUR 370
million on projects carried out by Imtech Germany and Imtech
Poland. The findings of the investigations are described
extensively in the today published report.
Corrective
Actions
The report also includes the several Corrective Actions that Imtech
implemented, based on the findings and conclusions. These actions
include management changes in Germany and Poland, the filing of
criminal complaints in Poland and Germany, restoring the Polish
operation and other disciplinary measures. Furthermore the company
implemented enhanced Business Controls, as well as an improved
governance, risk and compliance framework. Next to this, new
targets and related remunerations policies have been set.
The publication of the report with findings is
also an important Corrective Action. Imtech's Board of Management
and Supervisory Board have a clear motivation for the
publication:
- Reporting in a transparent manner to shareholders
about the events
- Provide the market and all stakeholders but in
particular customers, suppliers and partners the assurance that it
will never happen again and that Imtech will operate at the highest
business ethics standards.
- Provide Imtech's employees full disclosure about
what happened and how to deal with it
- Bring a dark chapter to close and start
rebuilding the companies reputation
Gerard van de Aast, CEO of Imtech: "The release of
the Shareholder Report is an important yet sad milestone for
Imtech. It brings to a close a difficult and distracting period.
The findings as reported in the Shareholder Report are very
serious. The new Board of Management strongly rejects unethical and
undesirable business behavior. Imtech does apologize to its
shareholders, customers, suppliers and partners. Also our employees
have been hard hit by the fraudulent actions from some former
colleagues. To them we apologize as well. The Shareholder Report
has been written with full transparency, since we believe that
healing from this dark chapter in Imtech's history must start with
openness about the investigations and findings. It goes without
saying that in the future this kind of conduct will not be
tolerated. The corrective actions that have been and are being
taken are in our view a clear and necessary response to what
happened. Looking forward, Imtech will have to rebuild its
reputation and regain the trust from all stakeholders. We will do
so with vigor while adhering to the highest business ethics
standards."
The Shareholder Report is made available through
the company website (www.imtech.com).
More
information
Media: |
Analysts & investors: |
Dorien Wietsma
Director Corporate Communication &
CSR
T: +31 182 54 35 53
E: dorien.wietsma@imtech.com
www.imtech.com |
Jeroen Leenaers
Director Investor Relations
T: +31 182 543 504
E: jeroen.leenaers@imtech.com
www.imtech.com |
Imtech
profile
Royal Imtech N.V. is a European technical
services provider in the fields of electrical solutions, ICT
(information and communication technology) and mechanical
solutions. With 29,000 employees, Imtech achieves annual revenue of
approximately 5.5 billion euro. Imtech holds attractive positions
in the buildings and industry markets in the Netherlands, Belgium,
Luxembourg, Germany, Austria, Eastern Europe, Sweden, Norway,
Finland, the UK, Ireland, Turkey and Spain, the European markets of
ICT and Traffic as well as in the global marine market. In total
Imtech serves 24,000 customers. Imtech offers integrated and
multidisciplinary total solutions that lead to better business
processes and more efficiency for customers and the customers they,
in their turn, serve. Imtech also offers solutions that contribute
towards a sustainable society - for example, in the areas of
energy, the environment, water and traffic. Imtech shares are
listed on the NYSE Euronext Amsterdam, where Imtech is included in
the AEX Index.
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