Imtech

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For IMTECH, the research institute in Chandigarh, India, see Institute of Microbial Technology.
Royal Imtech N.V.
Type Naamloze vennootschap
Traded as EuronextIM
Headquarters Gouda, Netherlands
Website www.imtech.com

Royal Imtech N.V. is a European technical services provider in the fields of electrical solutions, ICT (information and communication technology) and mechanical solutions. Its residence is in Gouda, Netherlands. Imtech shares are listed on the NYSE Euronext Stock Exchange in Amsterdam, where Imtech is included in the AEX Index. Imtech shares are also included in the Dow Jones STOXX 600 index. With 29,000 employees, Imtech achieves annual revenue of more than 5.1 billion euros.[citation needed]

Imtech holds positions in the building and industry markets in the Netherlands, Belgium, Luxembourg, Germany, Austria, Eastern Europe, Sweden, Norway, Finland, the UK, Ireland, Turkey and Spain, the European markets of ICT and Traffic as well as in the global marine market. In total Imtech serves 24,000 customers.[citation needed]

Imtech Germany[edit]

The subsidiary Imtech Deutschland GmbH & Co. KG is also responsible for business in Poland, Romania, Austria, Finland und Russia.

Imtech was the general contractor for the technical equipment of the Deutsche Bank Twin Towers in Frankfurt. According to reports of Handelsblatt in February 2011, the subcontractors were bribed with brothel visits and more. Those could invoice more hours of work then factual done since early 2010. The company made internal investigations.[1][2]

Imtech Germany is involved in the construction of the heat and smoke vent of the new Berlin Brandenburg Airport. In January 2013 it was reported, that the system was built against the requirements of the local authorities and it will not function without extensive renovation.[3]

Crisis 2013/2014[edit]

Royal Imtech N.V. announced on February 4, 2013 that it has to do a depreciation of 100 million Euro due to problems in Poland; Imtech warned that it would not be able to serve its obligations to its lenders.[4] The specific cause was the project of a theme park near Warsaw with a sketched total volume of approximately 750 million Euro.[4][5] This is the 240 hectare theme park Adventure World Warsaw with hotels, restaurants and a planned power plant.[6][7] The problems were motivated by financial difficulties of the customer and with suspected irregularities.[4] Imtech Germany was the general contractor.

There are forensic investigations.[4][8] The managing director Klaus Betz and Axel Glaß, Chief Financial Officer and Member of the Board, left the German company. Successors are Jos Graauwmans and Jan van Middelkoop.[9][10] The annual financial statements 2012, conducted by KPMG could not be presented on 5 February 2013.[4][8] The Annual General Meeting of Shareholders on April 3, 2013 has been canceled.[4]

On 18 June 2013, Imtech published a Report to shareholders with the results of the above-mentioned investigations. According to Imtech there was widespread fraud in Germany and Poland and they have announced that they will re-claim some of the damages from (former) employees held responsible for the fraud[11]

The net debt of the group amounted to 800 million Euro per December 31, 2012 while there ia a sales amount of 5,1 billion euros in 2012.[8] The Rabobank has been consulted for problem solving.[12] Imtech reported on February 27, 2013 Imtech is expecting a depreciation of 150 million euros in Pland and of 150 million euros in Germany. Imtech announced a rights issue worth 500 million euros to expand its equity.[13]

On 23 April 2013 Imtech proclaimed a reorganisation.[14] When the corruption became known in spring 2013 the company lost a value of 1 billion Euros on the stock market. In June 2013 Imtech confessed that the internal controls had not worked.[15]

On 27 July 2013 it was announced that a criminalist officially named as "Mr. Y" had been consulted in 2011 to investigate the corruption in the reconstruction of the twin towers in Frankfurt. He identified more than he should; he warned the company in his final report in May 2011 about mafia structures and he charged the manager of the German subsidiary, Klaus Betz. Betz was covered by the company for two years. The investigator, identified by the Telegraaf as Thomas Wüppesahl, received a ban from Imtech 2011.[16][17]

See also[edit]

External links[edit]

References[edit]

  1. ^ Steffen Preissler: Bestechung und Bordell-Besuche? Imtech: „Unregelmäßigkeiten“ nach Umbau bei Deutscher Bank. In: Abendblatt, 24. February 2011 (online)
  2. ^ Imtech: Interne Ermittlungen nach Renovierung der Zwillingstürme. In: Manager-Magazin, 24. February 2011 (online)
  3. ^ Brandschutz und Co. Die lange Mängelliste des Berliner Flughafens. In: Handelsblatt, 9. Januar 2013 (online)
  4. ^ a b c d e f Imtech stürzt wegen polnischem Großprojekt ab. In: Immobilien-Zeitung, 4. Februar 2013 (online)
  5. ^ Imtech plummets on Polish arm troubles. In: Financial Times, February 4, 2013 (online)
  6. ^ Imtech mit höchstem Minus seit 23 Jahren – Abschreibung in Polen. In: Die Welt, 4. Februar 2013 (online)
  7. ^ 45 Prozent Kursverlust. Imtech-Aktie stürzt tief ab. In: Handelsblatt, 4. Februar 2013 (online)
  8. ^ a b c Imtech investigates Polish projects and postpones publication of its 2012 financial statements. Press release of Imtech, February 4, 2013 (online)
  9. ^ Imtech executives step down. In: Financial Times, February 6, 2013 (online)
  10. ^ Deutscher Imtech-Chef Betz ist zurückgetreten. In: Immobilien-Zeitung, 6. Februar 2013 (online)
  11. ^ Imtech: Report to Shareholders (final), 18 June 2013. Downloaded: 22 June 2013
  12. ^ Chaos bei Imtech – Deutschland-Chef muss gehen. In: Die Welt, 7. Februar 2013 (online)
  13. ^ Imtech reaches agreement with its main financiers. Pressemitteilung von Imtech vom 27. Februar 2013 ([1])
  14. ^ Press release, 23 April 2013
  15. ^ Press Release. June 2013 (online)
  16. ^ Aufklärung verschleppt. Vom eigenen Management ausgeraubt. In: Handelsblatt, 27. Juni 2013 (online)
  17. ^ Detective tipte fraude Imtech al in mei 2011. In: Telegraaf, 27. Juni 2013 (online)