Is the Jana Bank nationalized

Banking scandal: manager of the Dutch SNS Bank in custody

Actually, Jeroen Dijsselbloem, as head of the euro group, already has enough to do with Cyprus and the ongoing euro crisis. But the sober Dutchman is also finance minister and his country is in a recession.

The difficult financial situation is exacerbated by the expensive nationalization of the SNS Reaal Bank in February. Dijsselbloem had to spend almost four billion euros to rescue the bank.

Every day, new details about mismanagement and corruption at SNS and its property subsidiary, Property Finance, are leaked out. Buck Groenhof, the former head of property finance, plays a leading role.

The Hague public prosecutor's office confirmed the search of a bank in the Netherlands Antilles: It turned out that Groenhof - in addition to his work at SNS - also advised a wealthy family in the Antilles, which had received a million dollar loan from SNS.

Friends turned into advisors

Apparently that wasn't his only conflict of interest. The experienced crisis manager Groenhof has allegedly hired expensive external consultants for the real estate subsidiary since he started at SNS - all of them inexperienced people with whom Groenhof was friends. He probably had a secret deal with them: They were hired by him and part of their fee was paid back to him.

One of the consultants was Pieter G., who worked for SNS in the development and marketing of the “Überseequartier” in Hamburg's Hafen City. The illegal payments through a middleman were discovered in the emails of a Buck G. secretary. It was listed in detail who "donated" how much and when to the SNS director.

Pieter G., a nuclear scientist from Groningen, was arrested by the Dutch police. Just a few days after the nationalization of the SNS Bank, Buck G. and his assistant were also arrested. Four other suspicious managers were immediately fired. It remains strange that the warnings of the "whistleblower" Hetty van der Laar, who worked for G., went unnoticed in the boardroom of the bank.

Tax investigation seeks black money

But not with the judiciary. "We suspect that there has been fraud and non-official bribery in the organized association at SNS," says Esther Schreur, spokeswoman for the Dutch public prosecutor in The Hague. The tax investigation agency FIOD initiated an investigation immediately after the forced nationalization of the fourth largest bank in the country.

It is also about the search for black money that has been legalized. Apart from the partially nationalized ING Bank and the ABN Amro Bank, which became completely state-owned after the financial crisis, only the cooperative Rabobank is independent of the big financial institutions.