Imtech takes €100m write-down on Polish operations due to fraud
Monday 04 February 2013
Shares in technical service provider Imtech plunged on the Amsterdam stock exchange on Monday after the company said it was forced to write off €100m on its Polish activities because of possible fraud.
Imtech has also delayed publishing its 2012 annual report, which was set for Tuesday, the Gouda-based company said in a statement.
In the statement, Imtech said it had been ‘severely harmed’ by the ‘lack of financing of its largest customer in Poland’. The company has ordered a forensic investigation and suspended its local Polish management.
The problems concern three projects for Adventure World Warsaw and one project involving energy-generating biopower stations, also in Warsaw. These projects have a combined value of €757m, Imtech said.
The Polish adventure park was Imtech’s largest ever order, the Financieele Dagblad reported.