The Hague property developer Harry Hilders has reached a €40m out of court settlement with the justice ministry and Philips pension fund in connection with his role in a massive property fraud, the Financieele Dagblad reports on Friday.

Hilders, one of the biggest private devleopers int he country, was suspected of bribing one of the directors of Philips pension fund in return for cut-price property transactions, a claim he has always denied.
The paper says Hilders and his company Ceylonstaete have agreed to pay €40m in order to escape prosecution, without admitting guilt. Hilders will also carry out a 120 hour community service sentence.
Some €25m will go to Philips’ pension fund and the rest to the justice ministry. The deal is one of the biggest out of court settlements in Dutch legal history, the paper says.

Corruption
Corruption and bribery involving the directors of the Philips pension fund and project developer Bouwfonds are thought to have cost their employers a combined €250m.
The scandal came to light in 2007 when it emerged pension fund bosses had been taking bribes in return for passing on confidential information and had bought and sold property at below the market rates. The fraud had been under way since at least 1995.
A number of people are currently on trial in connection with the case