centralasian (centralasian) wrote,

[PER] o-ooo :: Former Philips CEO fined for improper disclosure of trades

Former Philips CEO fined for improper disclosure of trades

A Dutch court fined former Philips Electronics chief executive Cor Boonstra 135,000 euros ($151,700) on Friday for failing to disclose stock trades. The court acquitted him of more serious insider trading charges.

In the highest-profile trial of a former executive to date in the Netherlands, Amsterdam's district court ruled that Boonstra had violated disclosure rules by not reporting the sale of 4,080 shares in Ahold and trading in 162 convertible bonds between May 2000 and July 2001.


Boonstra was [also] acquitted of insider trading in shares of entertainment company Endemol, for which prosecutors had demanded a fine, a suspended sentence of six months in jail, and 240 hours of community service.

Boonstra bought shares in entertainment company Endemol in March 2000, shortly before it was taken over by Telefonica of Spain, making a profit of more than 200,000 euros ($224,000) in less than a month. Boonstra's then-girlfriend, businesswoman Sylvia Toth, was on the supervisory board of Endemol, though both say they were in a fight and not speaking at the time.


The allegations against him surfaced in May 2001, shortly after he announced record earnings at Philips for the year 2000 and was preparing to hand over control to Gerard Kleisterlee. Boonstra's image was badly damaged, and he withdrew from Dutch public life. He did not appear in court.


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