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Published - April 28th, 2021

SHV response to subsidiaries’ settlements with Dutch authorities

SHV response to subsidiaries’ settlements with Dutch authorities

Utrecht, 28 April 2021.

With reference to the press releases published today by ERIKS and Mammoet regarding the settlements reached by ERIKS, Econosto and Econosto Mideast (EME), and Mammoet Middle East and Mammoet Salvage and the Netherlands Public Prosecution Service (NPPS), SHV Holdings (SHV) responds as follows:

  • SHV commissioned a thorough investigation and intervened firmly following an internal report in 2015 of potential irregularities at EME, an indirect subsidiary of ERIKS. Such action was also taken when potential irregularities appeared at Mammoet Middle East and Mammoet Salvage, two indirect subsidiaries of Mammoet.
  • In 2016, SHV itself reported the identified irregularities at ERIKS, Econosto and EME to the NPPS. From that moment onwards, SHV cooperated closely and intensively with the NPPS, also with regards to the irregularities that occurred at Mammoet Middle East and Mammoet Salvage. The NPPS subsequently initiated a criminal investigation into these irregularities.
  • SHV deeply regrets the facts that emerged from the criminal investigation which occurred in the past at the above-mentioned (indirect) subsidiaries of ERIKS and Mammoet. The established facts run completely counter to the culture of ethically responsible business conduct that SHV stands for as a family of companies with more than 51,000 employees and operations in 64 countries.

Annemiek Fentener van Vlissingen, Chair of the SHV Supervisory Board: “SHV’s core values are integrity and trust. Any damage to these core values affects us deeply. Even more so because doing business fairly, wherever we are in the world, is firmly embedded in our DNA and in the mindset and actions of everyone who works under the SHV flag, our groups and their subsidiaries. As SHV, we have never made concessions as far as honesty and integrity are concerned, nor will we ever do so. Our people are the driving force behind the success of SHV, which is always focused on the long term. We require that they perform their work in a fair and ethical manner, wherever they are and at all times. With their dedication, together we can overcome all the challenges we face. This is even more true in the rapidly changing and unstable world in which we are living today. If we can show resilience and continue to learn from our mistakes and our setbacks, I am convinced that we, as a family of organisations, will only become wiser and stronger in the end.”

Jeroen Drost, SHV CEO: “Following the settlements reached today by ERIKS and Mammoet, we can now close this matter and focus fully on our companies and their more than 51,000 employees worldwide. We are here to support them, to guide them through these extraordinarily challenging times and to help them seize new opportunities in their markets.

The facts that emerged from the NPPS’s investigation are painful, serious and totally unacceptable. As SHV, we will never make concessions as far as honest and ethical business is concerned. This is why at the time we and the respective managements of ERIKS and Mammoet immediately intervened in the subsidiaries involved and rectified the situation. To prevent any recurrence of these irregularities, we have tightened the rules of conduct and intensified supervision across our business, and we are working continuously to raise awareness among our employees of our values, such as integrity and trust, wherever we operate in the world.”

SHV believes its primary task, as a decentrally operating family of companies, is to safeguard the business culture at its companies. As part of this effort, SHV is constantly focused on helping its groups and their respective subsidiaries to further tighten their compliance risk management. For instance, with SHV’s help, the groups have implemented a comprehensive Ethics & Compliance (E&C) policy with respect to, among other things, anti-bribery and corruption, the screening of third parties and compliance with competition legislation, sanctions and export measures. The groups perform compliance due diligence as standard for major acquisitions. The E&C teams at all seven SHV groups have been strengthened where necessary and people with extensive experience in their professional fields have been allocated coordinating and controlling roles. In addition to this, all E&C campaigns, training and e-learning courses within the groups are focused on raising awareness of compliance risks among all our employees.

The improvements and tightened regulations that have resulted from these initiatives are most definitely not a one-off action; they are part of a continuous process. In this way, SHV continues to stand for honesty and integrity linked to strict compliance with laws, regulations and standards, in every market, on every continent and in every jurisdiction in which its groups do business.

For additional information, we refer you to the press releases published by ERIKS (www.eriks.com) and Mammoet (www.mammoet.com)

ABOUT SHV

SHV is family-owned company with a strong position in operational activities and selected investment activities. SHV is active in 64 countries and has more than 51,000 employees. SHV is active in energy distribution (SHV Energy), cash-and-carry wholesale (Makro), heavy lifting and transport activities (Mammoet), industrial services (ERIKS), animal feed and aquafeed (Nutreco) and private equity (NPM Capital). In addition, SHV has a minority shareholding in ONE-Dyas (exploration, development and production of oil and gas).

PRESS CONTACTS:

Carina Hamaker, Head of Communications

chamaker@shv.nl