Imtech embroiled in invoice fraud: report

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Former Imtech CEO Rene van der Bruggen allegedly supplied the German branch of the company with false invoices amounting to tens of millions of Euros, according to investigations by De Telegraaf and German Handelsblatt. The money was then used to cover up financial losses made in the Netherlands, according to broadcaster BNR.

In total, Imtech Netherlands is believed to have fraudulently collected about 35 million euros from its German branches, according to a long list of transactions, emails and statements from the Imtech bosses in Germany, BNR says.

The media have denounced the German management of the company for the lack of action against the practices of van der Bruggen. “It is largely because of them that the CEO got away so easily," economic journalist Paul Laseur told BNR.

"Because of these fraud allegations dozens of German managers have already been fired, and some will have to answer to justice."