Bankrupt IT company Landis systematically published wrong profit and sales figures, misleading investors, creditors and banks on a massive scale, according to the firm’s official receivers, reports today’s Financieele Dagblad.
Landis collapsed in 2002, leaving debts of €600m and 3,200 workers without a job. The FD says the bankruptcy is one of the biggest in Dutch corporate history.
Landis was listed on the Amsterdam stock exchange in 1998 and enjoyed a period of explosive growth, tripling its turnover within three years. Capital market investment, totalling €440m, was largely attracted on the basis of misleading figures, the receivers said.
In May, the appeal court quashed fraud convictions for seven former Landis employers – including three board members and two supervisory board members.
Thank you for donating to DutchNews.nl.
We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.Make a donation