ADO Den Haag top investor loses team control: Court
A top business investor lost control over the shares his company owns in Dutch football team ADO Den Haag in a key ruling issued Monday by the court at the Commercial Division of the Amsterdam courthouse. Chinese investor Hui Wang was suspended from his position as the head of the team’s Supervisory Board, the court determined today.
ADO brought suit against its majority shareholder after accusations surfaced that his investment firm did not uphold financial commitments. In the interim, the court named Ben Knüppe as the head of the ADO supervisory board. Knüppe also worked as an independent researcher during an investigation into FC Twente’s governance and finances.
The full investigation into the team’s financial affairs could take 18 months, a reporter for AD wrote. Wang loses control over his shares during that time.
Earlier this month, Dutch football association KNVB again raised serious concerns about the team. Because of its money issues, the team was put under scrutiny and fined ten thousand euros. The KNVB threatened to strip ADO’s license if it does not shore up its accountancy