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Court quashes the fines imposed on former Imtech managers; AFM lodges a further appeal

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On 24 April 2017, the court in Rotterdam quashed on appeal the fines that the Dutch Authority for the Financial Markets (AFM) had imposed in 2015 on Mr Gerner (€600,000) and Mr van der Bruggen (€500,000). They are former managers of Royal Imtech N.V. (hereinafter “Imtech”).

On 2 December 2015, the AFM imposed administrative penalties on Mr Gerner and Mr van der Bruggen; according to the AFM, their roles as the actual managers meant they were responsible for the failure by Imtech to publish price-sensitive information in good time. According to the court, the AFM failed to demonstrate that Imtech should have assumed that the funding of the project would be endangered and that Imtech should therefore have made that risk known. The court’s opinion is that there was no information that would have affected the prices that Imtech should have made public.

On 24 April 2017, the court in Rotterdam quashed the fines on appeal that the AFM had imposed in 2015 on Mr Gerner (€750,000) and Mr van der Bruggen (€500,000). On 2 December 2015, the AFM imposed administrative penalties on Mr Gerner and Mr van der Bruggen; according to the AFM, their roles as the actual managers meant they were responsible for market manipulation by Imtech. The court’s opinion is that Imtech did not disclose any information on 20 July 2012 that gave an incorrect signal or was misleading.

Regarding the information that Imtech disclosed on 31 July 2012, 7 August 2012, 30 October 2012 and 21 November 2012, the court’s ruling leaves open the question of whether Imtech committed an offence. The court found that the AFM violated the principle of equality by pointing to Mr Gerner as the actual manager involved in the infringements and fining him for them and not Mr van der Bruggen.

The AFM has lodged a further appeal against the judgements of the court.

For communications questions, please contact the AFM spokesperson Michiel Gosens on +31 (0)20-7972771 or michiel.gosens@afm.nl.

The AFM is committed to promoting fair and transparent financial markets.

As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.

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