Wednesday, January 23, 2013
Following media reports such as the article in NRC Handelsblad on Tuesday, 22 January 2013, SNS REAAL reports that forensic investigations into a number of property projects financed by SNS Property Finance (PF) have been taking place since early 2010, on SNS REAAL’s initiative and as part of its integrity policy. For this purpose, SNS REAAL has also engaged an external forensic specialist.
Within the scope of these forensic investigations, integrity analyses of (former) customer records have been carried out on the basis of a number of selection criteria. The investigations into projects are in different stages of execution. In the interest of said investigations, SNS REAAL will reveal no further details on their nature and extent.
SNS REAAL and PF regularly inform the competent authorities (including the regulatory body) about the findings of the investigations. Where necessary, reports have already been submitted (or will be submitted in due course) to the relevant authorities both in the Netherlands and abroad. As part of the investigations, we have had consultations with the FIOD (Fiscal Intelligence and Investigation Service) and have made documents available to them. SNS REAAL and PF do not supply details on which (former) PF customers are involved.
Since SNS REAAL and PF have an interest in addressing the alleged irregularities as they are in most cases the disadvantaged party, additional research is in some cases performed with the aim to address any such possible irregularities, assets of (former) PF customers, and where possible, to seek recovery. In some cases, SNS REAAL has already pursued recovery actions.
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