Dutch regulator likely to investigate Parmalat's subsidiaries in the Netherlands Antilles

Tuesday, January 20, 2004

AMSTERDAM, The Netherlands: The Dutch securities regulator has called for a comprehensive review and overhaul by the audit profession of its procedures for detecting fraud in the wake of a spate of European corporate scandals.

In an article published in the Financial Times, Paul Koster, a member of the executive board of the Netherlands' Authority for Financial Markets (AFM), says recent financial scandals have shown existing procedures to be inadequate.

The call comes as the regulator considers an investigation into Parmalat's subsidiaries in the Netherlands and Netherlands Antilles.

AFM has been gathering information that suggests the Dutch units have violated securities laws in relation to the majority of more than US$6 billion in bond issues. It is likely to decide at a board meeting this week that a formal probe is justified. 

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