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De Volkskrant - Netherlands | Thursday, August 13, 2015

Imtech has itself to blame for bankruptcy

Dutch banks have refused to bail out the international Dutch engineering group Imtech. Rightly so, intones the centre-left daily De Volkskrant, because the company has only itself to blame for its bankruptcy: "Imtech began free-falling after the first corruption case surfaced in 2013. The major banks were very accommodating last year and agreed on a bailout plan. The new management promised improvements but were unable to get a grip on its problems. A new corruption scandal in Germany [where among other things the company is involved in building the new Berlin airport] and disappointing results signed the death sentence. For years shareholders were thrilled by the buying policy of 'Mr Imtech' and turned a blind eye to the lack of internal monitoring. Imtech's 22,000 employees are now the biggest victims of its downfall. They are living in insecurity and some will lose their jobs."

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