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Investigation of Dutch authorities into BAM International concluded Press release Royal BAM Group nv Bunnik, the Netherlands, 17 December 2024 - Royal BAM Group nv announces that the Dutch Public Prosecutions Office (DPPO, Openbaar Ministerie) has closed its pending investigation into BAM International bv. The DPPO started this investigation in 2022 into suspicions relating to potential fraud and corruption at some completed projects of BAM International. BAM has fully cooperated with the investigation. The DPPO has now closed the investigation and dismissed these suspicions. BAM conducted its own internal review in connection with the DPPO's investigation and identified certain potentially irregular payments in connection with an unrelated completed project in Africa. BAM self-reported these potentially irregular payments to the DPPO. The DPPO concluded that not all of these payments were properly recorded in BAM International's administration and imposed a fine of €30, 000.- on BAM International through a penalty order. BAM will not appeal the penalty order. BAM welcomes the resolution of the investigation into BAM International, which has been in wind-down since mid-2020. BAM emphasises its strong and continuing commitment to integrity, including compliance with all applicable laws, regulations and standards. This press release contains inside information within the meaning of article 7(1) of the EU Market Abuse Regulation. About BAM Royal BAM Group nv designs, builds and maintains high quality, sustainable buildings, homes, and infrastructure for public and private sector clients. Using the latest industry innovations, our 13, 500 employees reduce the carbon footprint of the built environment, whilst delivering increased well-being and social value to the communities we serve. The Group supports clients through two main divisions (Netherlands, and United Kingdom and Ireland) and activities in Belgium, and a PPP business (Invesis). Royal BAM Group nv is listed on the Amsterdam Euronext exchange. Building a sustainable tomorrow. www.bam.com |
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