By Burak Bir
LONDON (AA)— The Netherlands' Public Prosecution Service will prosecute a Dutch shipbuilder and members of its leadership for bribery, money laundering, and violating sanctions against Russia, local media reported on Friday.
The decision to prosecute Damen Shipyard, along with current chairman of the board Arnout Damen, his father Kommer Damen, who founded the family business in 1967, and another former chairman, followed a seven-year investigation, Dutch daily de Volkskrant reported.
According to the report, settlement negotiations over suspicious transactions collapsed last year after revelations that the company had evaded sanctions imposed on Russia.
In addition to violating sanctions, Damen Shipyard is also accused of bribery and money laundering.
Prosecutors suspect Damen continued to supply goods and technology to Russia over the past three years, despite European Union sanctions, said the report.
Damen Shipyard is one of the iconic companies of the Dutch defense industry. Over the past year and a half, the Dutch Ministry of Defense ordered ships from Damen for approximately €5 billion (about $5.6 billion).
If convicted, Damen would be barred from bidding for government contracts for four years, in line with European procurement regulations, according to de Volkskrant.
Though it is an international group working in 120 countries, Damen Group is a family-held company.
In 2016, the World Bank debarred the company for 18 months for engaging in “a fraudulent practice.”