Last Friday, the Fiod Syndicate and the Public Prosecution Service raided the office of the construction company BAM in Gouda. The group announced that they were investigating “possible irregularities in several completed projects” of BAM International.
The Fiod investigation focuses on BAM International, an operating company of the Royal BAM Group. In 2020, BAM announced that it would cease operations outside Western Europe due to a “lack of perspective”. All projects of BAM International have already been completed, after which the company has begun to focus on more promising markets in the Netherlands and the United Kingdom.
BAM is the largest construction company in the Netherlands. It has constructed, among other things, the Amsterdam Arena, the Amsterdam North/South Line and the FC Groningen Stadium. Abroad, she participated in the Olympic Village for the London 2012 Games and the Museum of the Future in Dubai. In recent years, BAM has incurred significant losses on several projects, including a marine lock in IJmuiden where the door casings were not working properly. The Afsluitdijk renovation also turned out to be much more expensive than expected.
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The spokesperson did not say what exactly the company suspects. In light of the ongoing investigation, we do not make any statements about this. We still have very limited information about what’s going on and what could happen.”
A spokesperson for Fiod, the Tax and Customs Administration’s Criminal Investigation Division, said a criminal investigation is underway. “This is the only information I can provide at the moment,” he said. During the visit on Friday, Fiod and the Public Prosecution Service “gathered information,” a spokesperson for the construction company says. BAM also says it will fully cooperate with the investigation.
Investors are shocked by the Fiod raid and are selling BAM shares en masse. Shares of BAM fell about 9 percent on the Amsterdam Stock Exchange this morning.
projects in western europe
BAM International is an operating company of the Royal BAM Group. According to the group, this branch has provided construction and infrastructure projects outside Western Europe in the past. BAM announced in July 2020 that it would terminate BAM International’s activities, due to a ‘lack of positive prospects’. The company said in a statement that all of BAM’s international projects have now been completed.
In recent years, the company has built a berth for cruise ships in the Emirate of Abu Dhabi. The company was also commissioned to build a large event hall in the capital of the United Arab Emirates. In addition, BAM won orders to build a futuristic museum in Dubai and create a road in the city’s port itself.
In Indonesia, the international branch of BAM has built the largest Ikea store in the country. This branch was also active in Canada and Australia, among others.
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