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

  • Newly-named Dynniq focuses on mobility, parking and energy
    April 4, 2016
    Visitors here at Intertraffic 2016 are meeting Dynniq, a brand new company they will already know well because it has a long and successful track record!
    Read More
  • Connected vehicles - potential to transform US transportation
    April 12, 2013
    There’s a new face in the driving seat at the US Department of Transport’s ITS Joint Program Office. Fortunately, as Robin Meczes finds out, he’s no learner driver… Ask Kenneth Leonard why he wanted his new job as director of the ITS Joint Program Office, and his answer comes back without a second’s delay. “The potential to save lives, reduce injuries and help people enjoy a more efficient transportation system is the kind of challenge that makes me want to come to work each morning,” he says. “In my opinio
    Read More
  • Federal Signal supplies all the elements of end to end tolling
    January 31, 2012
    Manfred Rietsch, group president of Federal Signal Technologies (FST), talks about the recent acquisitions forming FST and the organisation's plans for the future. "Our philosophy is going to be about open access" Federal Signal has been on a buying spree. An energetic policy of acquisition over the past few months has seen the company reposition itself as an end-to-end provider of Electronic Toll Collection (ETC) systems with what it states is a portfolio of proven, best-in-class technologies which will al
    Read More
  • Tighten up on cyber security before hackers infiltrate ITS infrastructure
    October 19, 2015
    This year’s ITS World Congress in Bordeaux will have three sessions dedicated to cyber security and the issue will also be addressed under connected and automated vehicles categories. Jon Masters finds out why. American security researchers Charlie Miller and Chris Valasek attracted international press coverage recently when they demonstrated how they could hack into and take control of a vehicle from a remote laptop. While the implications are clearly serious for vehicle manufacturers, highway and transpor
    Read More

Highlighted Content