7 years ago

Dutch construction firm Ballast Nedam accused of bribing Saudi kings.

To which extent do moral considerations play a role in doing business with a strict Islamic country like Saudi Arabia?

Between 1996 and 2003 Dutch construction company Ballast Nedam (Founded in 1877/Public/Euronext: BALNE/2009 Revenue €1.384 billion) paid bribes to the Saudi kings Fahd and Abdullah, Dutch public broadcaster Human (“Dare to think” ) reported on February 27th based on documents from the Tax Authorities’ investigative department FIOD. All in all Ballast Nedam paid 500 million dollars to members of the Saudi royal family, according to the broadcaster.

The company and the Public Prosecutor reached a 17.5 million euros settlement on this bribery case in 2012.

But according to Human – the FIOD documents reveal new details. In exchange for construction contracts, Ballast Nedam paid bribes to legal entities in Liechtenstein, the British Virgin Islands, Cyprus and Jersey, among other places. These legal entities funneled the money to the Saudi kings, according to the broadcaster. (Source: Janene Pieters NLtimes)

Watch Dutch Director Jacco Versluis eye opening documentary below. Another example corporations always win at the end – even in a country with having a corruption index of number 8 – The Netherlands (transparency.org)

Ballast Nedam responded to the documentary. Read here