Panama papers: ABN supervisory board member Meerstadt resigns

Bert Meerstadt, supervisory board member at Dutch ABN Amro bank has announced his resignation, following media reports that his name appeared in the Panama Papers.

Meerstadt’s name appeared in the Panama Papers as shareholder of  Virgin Islands based Morclan Corporation, which was set up in 2001 by Panamanian advisory firm Mossak Fonseka.

According to Dutch financial newspaper Het Financieele Dagblad, any connection of his name to the company appeared to be removed two weeks after the foundation of the company, and a Guernsey-based trust office took over his role.

While the ultimate beneficiary is not known, Morclan Corporation continued to exist by the end of 2015 and appeared to be connected to a Swiss bank account, Het Financieele Dagblad reports.

Meerstadt has been with ABN Amro as supervisory board member since 2010, he announced earlier his week that he planned to resign later this due to taking on a new position outside of ABN Amro. However, the bank released a statement today confirming that Meerstadt has now resigned with immediate effect.

Rik van Slingelandt, chairman of the Supervisory Board at ABN Amro commented on the resignation: “We respect Bert Meerstadt’s decision and would like to express our appreciation for his contribution to the supervision of ABN AMRO.”

ABN Amro, the second largest bank in the Netherlands, has been bailed out with nearly €22bn by the Dutch government in the aftermath of the 2007 financial crisis, the government has cut its stake during an IPO last year but remains shareholder of the bank.

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