Imtech issues significant announcements

Following the recent announcement of its agreement with its main financiers, Dutch company Royal Imtech has published a series of significant announcements, including: Report to Shareholders on Investigations; Audited annual report, which confirms preliminary results; First Quarter results; New Supervisory Board members; and extensions to the Board of Management. The Report to Shareholders provides a comprehensive overview of the irregularities, their impact and related corrective actions. The investigatio
June 19, 2013 Read time: 2 mins

Following the recent announcement of its agreement with its main financiers, Dutch company Royal 769 Imtech has published a series of significant announcements, including: Report to Shareholders on Investigations; Audited annual report, which confirms preliminary results; First Quarter results; New Supervisory Board members; and extensions to the Board of Management.

The Report to Shareholders provides a comprehensive overview of the irregularities, their impact and related corrective actions.  The investigations revealed that the primary cause for substantial loss which Royal Imtech suffered is fraudulent actions in Poland and Germany; Imtech's business controls were not sufficient and have not worked adequately; and the corporate culture was too focused on good news. The report is to be discussed with shareholders during the Annual General Meeting to be held on 28 June, 2013.

The report also includes the corrective actions implemented by Imtech, including management changes in Germany and Poland, the filing of criminal complaints in Poland and Germany, enhanced business controls, as well as an improved governance, risk and compliance framework. In addition, new targets and related remunerations policies have been set.

Gerard van de Aast, CEO of Imtech comments: "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 behaviour. Imtech does apologise 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 apologise 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 vigour while adhering to the highest business ethics standards."

Urban Traffic Control

For more information on companies in this article

Related Content

  • Developing ‘next generation’ traffic control centre technology
    July 4, 2012
    The Rijkswaterstaat and Highways Agency have joined forces to investigate what the market can do to realise an idealistic vision for traffic control centre technology. Jon Masters reports One particular seminar session of the Intertraffic show in Amsterdam in March was notably over subscribed. So heavy was the press to attend that your author, making his way over late from another appointment, could not get in and found himself craning over other heads locked outside to overhear what was being said. The
    Read More
  • Digital identities in Europe could top €1tn by 2020 says BCS
    October 29, 2013
    The economic value of our digital identities is growing fast and could reach 1 trillion euros in Europe by 2020, according to estimates from the Boston Consulting Group. Digital identities boost economic efficiency, help focus research and marketing efforts while spurring the creation of personalized products and services that, in turn, drive revenues. For consumers, the benefits are compelling as products and services are tailored to their needs and requirements, says the report.
    Read More
  • Vancouver's metro transport promotes alternatives to driving
    January 26, 2012
    David Crawford looks at Vancouver and the legacy of a Olympic transport success
    Read More
  • The need to accelerate systems standardisation
    January 31, 2012
    While the US has achieved an appreciable level of success when it comes to implementation of standards-based systems at the urban and intersection control levels, the overall standards implementation effort is not progressing at anywhere near a level commensurate with the size of the country and its population, says Christy Peebles, business unit manager with Siemens Industry, Inc.'s Mobility Division. She attributes the situation to a number of factors: "There's a big element of 'Not Invented Here' syndro
    Read More

Highlighted Content