DutchNews.nl - DutchNews.nl brings daily news from The Netherlands in English

4 June 2023
Newsletter Donate Advertise
  • News
  • Life in the Netherlands
  • Jobs
  • Podcast
  • About us
  • Search
  • Home
  • Economy
  • Art and culture
  • Sport
  • Europe
  • Society
  • Politics
  • Health
  • Housing
  • Education
  • News
    • Home
    • Economy
    • Art and culture
    • Sport
    • Europe
    • Society
    • Politics
    • Health
    • Housing
    • Education
  • Life in the Netherlands
    • Latest
    • Opinion
    • Books
    • Travel
    • 10 Questions
    • Learning Dutch
    • Inburgering with DN
  • Jobs
  • Podcast
  • About us
    • Team
    • Donate
    • Advertise
    • Writing for Dutch News
    • Contact us
    • Privacy
    • Newsletter
  • Search

No legal grounds to claw back Booking.com cash, despite bonuses for top execs

June 3, 2021
Photo: DutchNews.nl
Photo: DutchNews.nl

The cabinet will appeal to Booking.com and other companies which last year received state support to deal with coronavirus but which did not need the cash to ‘refund the Dutch taxpayer,’ the Financieele Dagblad has reported.

Last week the NRC revealed that Amsterdam-based Booking.com is paying three top American executives a bonus of €28m in shares, despite having received €69m from the Dutch state in the first months of the pandemic.

MPs have voted to claw back the money, but social affairs minister Wouter Koolmees said during Wednesday’s debate that there are no legal grounds to force repayment.

The first round of coronavirus support did not include the proviso that companies receiving cash could not pay bonuses or dividends.

Koolmees said he did not understand why a company would pay bonuses if it lost 70% of turnover, sacked 5,000 staff and saw its profits plunge by 99%. ‘But that is a personal observation,’ Koolmees said. Booking.com made net profit of $4.9bn in 2019.

Nevertheless, MPs – apart from the eight belonging to far right Forum voor Democratie and Groep Haga – urged ministers to settle scores with Booking.com, with one VVD parliamentarian describing the company as ‘vultures’.

Koolmees did point out that the company probably had used the wage subsidy to keep jobs in the first instance. When it reorganized, cutting 1,000 jobs in the Netherlands, it was no longer making use of the support scheme, he said.

He also said he would take with industry representatives about the moral requirement to pay back the cash. Bed company Auping, for example, has refunded money which it was given in the early stage of the pandemic.

Share this article
  • Facebook
  • Twitter
  • LinkedIn
  • Reddit
  • Copy URL
Economy
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
Latest
Eurostar London to Amsterdam trains halted for up to 11 months
Brussels gives green light to Dutch nitrogen farm buy-out plan
Jumbo to stop sponsoring Max Verstappen, cycling and skating
Sunflowers to mark 50th birthday of Van Gogh Museum
Sustainable energy use creeps up to 15%, almost half the target
NewsHomeEconomyArt and cultureSportEuropeSocietyPoliticsHealthHousingEducation
Life in the NetherlandsLatestOpinionBooksTravel10 QuestionsLearning DutchInburgering with DN
Podcast
About usTeamDonateAdvertiseWriting for Dutch NewsContact usPrivacyNewsletter
© 2023 DutchNews | Cookie settings

Help us to keep providing you information about coronavirus in the Netherlands.

Many thanks to everyone who has donated to DutchNews.nl in recent days!

We could not provide this service without you. If you have not yet made a contribution, you can do so here.

The DutchNews.nl team

Donate now

Dutchnews Survey

Please help us making DutchNews.nl a better read by taking part in a short survey.

Take part now