VCI and VSC part of broader investigation – related to St. Maarten project
Amersfoort, 28 May 2018 – VCI (Volker Construction International) and VSC (Volker Stevin Caribbean) are part of one of the ongoing and broader multi-party investigations by the Dutch authorities concerning construction projects on the island of St. Maarten. VCI and VSC are no longer active, internationally focused subsidiaries of VolkerWessels.
The broader multi-party investigations involve several projects, entities and individuals including the two VolkerWessels entities VCI and VSC. The investigated project of VCI and VSC is the Causeway Bridge on the island of St. Maarten.
The preparation for this project by VCI and VSC started in 2010. The project was granted to VCI and VSC in 2012 and construction took place in 2012 and 2013. The contract value was approximately € 32 million. The project resulted in a total loss of around € 1.5 million for VCI and VSC.
Since 2014 VCI and VSC are no longer operationally active on St. Maarten and are listed as discontinued operations of VolkerWessels, as VolkerWessels’ decided to fully focus on its profitable home markets in the Netherlands, the United Kingdom, North America and Germany. No projects were engaged by VCI and/or VSC after 2013. Both subsidiaries are no longer active and continue to be accounted for under discontinued operations.
VolkerWessels is conducting an internal investigation with the help of external experts, which is currently ongoing.
VolkerWessels takes its investigation seriously, as integrity is one of the core values and a fundamental pillar under VolkerWessels’ license to operate.