Rabobank knew of profit motive in mask deal but took no action, investigation reveals
Rabobank was aware as early as July 2020 that the millions earned by Sywert van Lienden and his partners from a controversial face mask deal would not be solely allocated to charities. Despite this knowledge, the bank took no action, according to an investigation by journalist platform Pointer, which aired previously unpublished audio recordings from the research team.
Former Rabobank executive Barbara Baarsma claimed in early 2022 that she had been misled about the bank’s potential financing of the mask deal. However, evidence suggests that both the bank and Baarsma knew for a significant period that the deal involved a for-profit entity, Relief Goods Alliance (RGA), and that profits were not exclusively intended for charitable causes.
In response to concerns, Van Lienden and his partners, Bernd Damme and Camille van Gestel, were asked by Rabobank in July 2020 to draft a ‘moral compass’ document outlining how they intended to use the funds.
According to the document, the trio planned to use the millions from the deal to pay off personal debts. Damme disclosed that he owed approximately 1 million euros to family and business associates. Van Lienden stated he intended to clear student loans and set aside money for himself to ensure “a comfortable life.”
Rabobank had previously expedited the setup of a bank account for the Stichting Hulptroepen, the nonprofit entity linked to Van Lienden, Damme, and Van Gestel, under the assumption that their operations were non-profit.
The bank became concerned in mid-2020 when it learned that the three entrepreneurs had paid themselves millions in dividends. Believing the group operated without a profit motive, Rabobank raised internal red flags and threatened to sever ties with them unless they provided clarity.
In a recorded conversation, a bank employee expressed confusion over the dividend payouts, questioning how they aligned with the group’s stated mission to supply healthcare workers with masks. “I just don’t understand this, given the ideological goal of providing masks to medical staff,” the employee said. He then acknowledged that “everyone understands you have 5 million euros in profits and that a portion is being used for personal expenses,” but warned the trio that they needed a strong explanation if the deal became public knowledge.
Rabobank ultimately accepted the ‘moral compass’ document as justification and maintained its banking relationship with the group.
The controversy resurfaced in March 2022 when investigative platform Follow the Money revealed Baarsma’s role in the deal’s financing. Under mounting pressure, Rabobank released a statement asserting that Baarsma had been deceived. The bank also reevaluated its relationship with Van Lienden and his partners.
A recorded conversation from that time captures the bank’s then-head of communications acknowledging ethical concerns, stating, “It may be legal, but it is not right.” Van Lienden, in response, threatened legal action, saying, “See you in court.” However, he never followed through on the threat.
Rabobank, in an official statement, said it does not share client information with the media due to confidentiality agreements. The bank has not publicly addressed why it did not intervene despite being aware of the profit distribution plan.
