Imtech publishes Shareholder Report on investigations
(Thomson Reuters ONE) -
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 Jeroen Leenaers
Director Corporate Communication & CSR Director Investor Relations
T: +31 182 54 35 53 T: +31 182 543 504
E: dorien.wietsma(at)imtech.com E: jeroen.leenaers(at)imtech.com
www.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.
PDF: Press Release:
http://hugin.info/130755/R/1710095/566917.pdf
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Source: Imtech via Thomson Reuters ONE
[HUG#1710095]
Unternehmensinformation / Kurzprofil:
Datum: 18.06.2013 - 06:06 Uhr
Sprache: Deutsch
News-ID 270519
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contact information:
Town:
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Kategorie:
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