Emiel Roozen (pictured), CFO for Dutch insurer Delta Lloyd and supervisory board chairman Jean Frijns have announced their resignation following a decision by the Rotterdam administrative court to uphold the €22.68m fine which the Dutch central bank DNB imposed at the end of last year.
DNB accused Delta Lloyd of using insider information in order to lower its interest rate risk hedges in July 2012, just days before the Central Bank introduced a fixed-term rate for liability estimates. According to DNB, Delta Lloyd’s actions led to an illegitimate financial claim of €21.6m, it therefore imposed a fine of €22.68m.
While the Rotterdam administrative court accepted Delta Lloyds appeal against the order to dismiss Delta Lloyd CFO Emiel Roozen, it upheld the €22.68m fine. Consequently, both Roozen and Frijns announced their resignation as of October this year, stating that their position had become “untenable.” The group also resolved to pay the fine.
Delta Lloyd confirmed that it will announce an extraordinaty general meeting for shareholders in order to decide about the replacements before the end of this year.