The AFM regulator stresses the importance of trusting accountants. “Investors, analysts, suppliers and other users of financial statements make important (economic) decisions about it.”

AFM director Hanzo van Bioskomm says he was shocked “by the scale of this fraud and the fact that it affects all layers of the organisation”. Similar scandals have surfaced abroad before, but not yet in the Netherlands.

AFM cannot say whether its own investigation will follow due to the confidentiality of oversight. No measures will be taken until after this investigation. Van Biosicum wants “necessary behavioral change.”