Shareholders’ lobby VEB holds Imtech bosses liable for damages

-Dutch shareholders lobby group VEB is holding 15 former managers and supervisory board members at bankrupt technical services group Imtech responsible for the financial damage suffered by investors.

The organisation said in a statement it has ‘major doubts’ about the information provided to investors since February 2013.

For example,  the company said in May 2015 that it expected to make a full year profit. In addition, chief executive Gerard van de Aast said at his leaving do that the company was now focusing on the future, the VEB points out.

The VEB has also raised questions about the role of  accountants group KPMG which approved Imtech’s 2014 accounts on March 17, 2015, saying that ‘there remain no material uncertainties with respect to going concern’. This means the company’s continuity was not at risk for the next 12 months.

Imtech was declared bankrupt in August after failing to reach a deal with its financiers on extra funding. This means the €1.1bn which the company raised from its shareholders in June 2013 and October 2014 has ‘disappeared’, the VEB said. The organisation has also criticised the big banks for their role in the secondary placement.

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