Seven years demanded for massive fraud

28th September 2011, Comments 0 comments

The Public Prosecution demanded a seven year sentence against Jan van Vlijmen, the main suspect on trial for large-scale fraud involving Philips pension fund and property developer Rabo Vastgoedgroep formerly known as Bouwfonds.

The PPO sees the former Bouwfonds manager as the undisputed head of a criminal organisation of fraudulent property developers. In the case, 11 suspects are accused of embezzling 200 million euros, money laundering, bribery and participation in a criminal organisation. Dozens more are accused of

In 2007, the Dutch fraud squad raided offices in the Netherlands, Belgium and Switzerland. It discovered that excessively high invoices were systematically submitted to Bouwfonds, which was set up as a semi-government building fund after World War II to stimulate the construction of affordable housing.  

The PPO described the defendants as “parasites who nested themselves in established firms and sucked them empty.” Among the projects involved in the fraud were the Eurocentre, the Symphony tower and Amsterdam’s Zuidas development.

© Radio Netherlands Worldwide

© Radio Netherlands Worldwide

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