Handelsblatt/De Telegraaf Exclusive

Imtech Unit Breached Arms Embargo

imtech-imtech marine
Imtech no longer owns the marine division that equipped ships with navigations systems.
  • Why it matters

    Why it matters

    Dutch marine engineering technology firm Radio Holland, a former unit of the Imtech group that filed for protection from creditors this year, could face major fines after an audit report found it may have breached arms embargoes.

  • Facts

    Facts

    • An internal Imtech audit seen by Handelsblatt and Dutch newspaper De Telegraaf lists 198 possible sanctions breaches by Radio Holland.
    • Radio Holland, one of the jewels in Imtech’s battered crown, was snapped up by investors this year after Imtech filed for insolvency.
    • The embargo breaches fall under the jurisdiction of U.S. courts and could lead to heavy fines.
  • Audio

    Audio

  • Pdf

Everything was meant to get better.

When Dutch engineering services company Imtech published its report to shareholders on June 18, 2013, detailing the extent of corruption in its Germany operations, it read like a break with the past and a pledge to to clean up its act.

From now on, Imtech promised, the company would provide total transparency. There would never be a repeat of the fraudulent business practices described in the report. Imtech would adhere to the highest ethical standards in future.

Imtech, which has since filed for insolvency, was a main contractor for Berlin’s scandal-plagued new international airport, which is years and billions of euros over budget.

“We will end this dark chapter and begin rebuilding the reputation of our company,” the executives wrote in their report.

Despite the promises, an Imtech subsidiary, Radio Holland, supplied products to Iran, Myanmar, Syria and Sudan in deals that may have broken U.N. arms embargoes.

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