Saturday 16 November 2019

Delta Lloyd CFO steps down as court upholds €22m fine

delta lloyd logoDelta Lloyd’s chief financial officer Emiel Roozen and supervisory board chairman Jean Frijns have stepped down following a court ruling last week, the insurance group said on Monday.

On Friday, judges in Rotterdam upheld a central bank fine of almost €23m handed down to Delta Lloyd last year for using confidential information to change its interest rates.

The record fine was imposed on Delta Lloyd for lowering its interest rate risk hedges in July 2012, just days before the central bank introduced a fixed interest rate for long-term liability calculations.

The central bank calculated using insider information had enabled Delta Lloyd to benefit to the tune of €21.6m and added a further €1.2m fine to the total. It also demanded the resignation of Roozen.

The Rotterdam court upheld the fine, although lowering it slightly, but overturned Roozen’s dismissal. Nevertheless, Delta Lloyd said in a statement on Monday, that Roozen would stand down ‘in the interests of the company’.

Frijns will leave in October. ‘The steps we are taking today are designed to aid in a swift resolution of this matter,’ Frijns said in a statement. ‘Over the past period, many efforts have been undertaken to shore up Delta Lloyd’s risk and compliance functions, including the appointment of a chief risk officer.’

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