Sunday 18 April 2021

SNS Reaal ‘saviour’ accused of requesting sweeteners

The man who was in charge of restructuring the loss-making property arm of financial services group SNS Reaal has been accused of fraud, the Financieele Dagblad reports on Tuesday.

Buck Groenhof, who resigned two weeks ago, is accused of requesting bribes and creaming money off business deals, sources have told the paper.
SNS Reaal says the resignation had nothing to do with the accusations and it has found no basis for the charge. However, the business partner who made the complaint told the FD he is not satisfied with SNS’ rebuttal and that he has sent his case to the public prosecution office.
SNS Reaal is in financial difficulties and the property arm made a loss of €99m in the third quarter.
The company received a €848m capital injection from the state at the height of the financial crisis, and is now in talks with the finance ministry on converting the remaining money it owes the government into shares, the FD said earlier.

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