Fraud suspected at bankrupt Innoconcepts, says curator

Curators winding up the affairs of bankrupt innovative product company Innoconcepts say there are strong indications of fraud, the Financieele Dagblad reports on Friday.

The paper says the curators’ report suggests three former executives committed fraud, had conflicts of interest, and moved large amounts of Innoconcepts’ money using various tricks to other companies which they also controlled.
Innoconcepts went bankrupt at the end of last year. Between 2008 and 2010, the company built up net debts of €150m, the paper says.

One email from an executive quoted by the paper reads: ‘If I stop talking to our investors, bankers and accountants they start to panic and everything will collapse. And if I give them a glimpse of the truth, the same will happen. So the only thing I can do is to fill them with lies and nonsense.’
The new directors who took over the company in October in an effort to head off the bankrutptcy have already lodged their suspicions of fraud with the public prosecution department.
The curator now wants that investigation to be speed up, the FD says.

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