Jumbo suspends ex-CEO Frits van Eerd’s voting rights after money laundering conviction

Supermarket group Jumbo has withdrawn the voting rights of former CEO Frits van Eerd for as long as the money laundering case against him is ongoing. This means that, unlike the other shareholders, Colette Cloosterman-van Eerd and Monique Groenewoud-van Eerd, he no longer has a say in decision-making at Jumbo, the company announced.

“This measure was implemented in consultation with Jumbo’s banks, takes effect immediately, and will remain in place for as long as the case is ongoing,” Jumbo said Tuesday.

Last month, a court sentenced Van Eerd to two years in prison for money laundering, bribery, and forgery. The former CEO has filed an appeal against the ruling.

Shortly after Van Eerd was arrested in September 2022, he stepped down as CEO of Jumbo. Since then, however, he has remained a shareholder. Until now, Jumbo had always stated that it was not a party to the case against Van Eerd, since it concerned him in a private capacity. However, in its verdict last month, the court considered that the company could have been disadvantaged.

“Although Jumbo is not a party to the case and the ruling has no direct consequences for its day-to-day operations, the company is carefully studying the verdict for possible impacts,” Jumbo said. The supermarket chain said that an internal steering committee will continue to monitor this closely. The committee consists of an independent member of the supervisory board and two members of Jumbo’s executive board.

“If, after appeal (and possible cassation), it is definitively established that damage was suffered, Jumbo reserves the right to recover the losses. This will then be handled appropriately and confidentially.”

A few years ago, nearly 450,000 euros in cash was found in Van Eerd’s home and workplace, in hard-to-use denominations including 200- and 500-euro notes. The money was discovered in, among other places, a refrigerator and in books.

Last month, the court said that Van Eerd had enriched himself “at the expense of Jumbo” using money and goods and had abused his position as the supermarket chain’s top executive. The former CEO had also violated not only the law but also Jumbo’s internal codes of conduct, the court ruled.