Office of Dutch construction giant raided over "possible irregularities"; Shares fall 9%

The FIOD and Public Prosecution Service (OM) raided a Gouda office of construction company BAM on Friday. They are investigating "possible irregularities in several completed projects" of BAM International, the Royal BAM Group announced. BAM lost almost 9 percent of its share value on the Amsterdam stock exchange during early trading on Monday.

A spokesperson for BAM would not say exactly what the company is suspected of. "In view of the ongoing investigation, we are not making any announcements about this. We still have very limited information about what it is about and what could be going on."

A spokesperson for the FIOD, the Tax Authority's criminal investigation department, said that a criminal investigation is ongoing. "That is the only information I can give at the moment," she said.

During the raid on Friday, the FIOD and OM "collected information," the BAM spokesperson said, adding that the company will cooperate fully in the investigation.

BAM International is an operating company of the Royal BAM Group. According to the group, the branch was involved in construction and infrastructure projects outside Western Europe in the past.

BAM announced in July 2020 that it would wind down BAM International's activities due to "the lack of positive prospects" for the heavily loss-making branch. All BAM International projects have now been completed, the company said.

In recent years, BAM International built a jetty for cruise ships in Abu Dhabi. The company was also commissioned to build a large event hall in the capital of the United Arab Emirates. In addition, BAM won orders to construct a futuristic museum in Dubai and a road in the port of the same city.

In Indonesia, the international branch of BAM built the largest IKEA store in the country. The department was also active in Canada and Australia, among others.