DNB reported investigating former Delta Lloyd CEO

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The Dutch central bank (DNB) has opened an investigation to assess whether former Delta Lloyd CEO Niek Hoek is suitable for his current position as a member of the supervisory board of Dutch merchant bank NIBC, it has been reported in Het Financieele Dagblad.

DNB accused Delta Lloyd in 2014 of allegedly carrying out transactions based on confidential information resulting in financial gain, which resulted in a €22.8m fine for Delta Lloyd and the instruction to dismiss CFO Emiel Roozen. Depending on the outcome of the latest DNB investigation, it could result in Niek Hoek being banned from from taking on any work for an insurance company regulated in the Netherlands.

DNB, which at the time acted both as a central bank and regulator in the Netherlands, accused Delta Lloyd of improper gains as a result of lowering its interest rate risk hedges in 2012, days before DNB changed the rules for assessing long term insurance liabilities  – as has been reported earlier.

Both parties disagree on whether Delta Lloyd’s decision was based on insider information or publicly available news. Delta Lloyd has appealed against both previous decisions from DNB.

Niek Hoek subsequently resigned from his position at Delta Lloyd and as chairman of the Supervisory Board of consultancy firm ARCADIS, although Delta Lloyd has reportedly denied that the resignations are due to the ongoing investigation.


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