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Rotterdam boss Scholten quits in loan scandal.
(From Lloyds List)
Byline: €100m guarantees row may force port shake-up, writes Helen Hill
WILLEM Scholten, chief executive of the Port of Rotterdam for the last 12 years, has been forced to resign and an investigation has been launched into €100m ($121m) worth of bank guarantees the port boss personally gave to RDM, a defence company specialising in the manufacture of armoured vehicles.
The scandal has shocked the city of Rotterdam, and may trigger a shake up in the shareholding structure of Europe's biggest port, although operations have not been affected.
Two members of the port authority's board of commissioners are to head the probe into the affair, assisted by the port authority's accountant PriceWaterhouseCoopers. It is expected initially to take up to three weeks.
The guarantees were granted between 2002 and this year, and had mostly been turned into loans, said port spokesman Minco van Heezen.
Germany's Commerzbank loaned € 25m and Barclays a further €75m, the port authority believes. It is not yet known whether any other banks are involved.
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