Damen Shipyards Under Fire: Sanctions and Corruption Charges in the Limelight

Damen Shipyards faces legal scrutiny as Dutch prosecutors investigate alleged EU sanctions violations regarding Russia and corruption charges involving fraud and money laundering. The shipbuilder, denying all accusations, emphasizes compliance with sanctions and looks forward to defending its case in court regarding the corruption allegations linked to past ship sales.

Dutch prosecutors have charged Damen Shipyards with breaching EU sanctions on Russia and have launched a separate corruption investigation. The shipbuilder, a major player in the global maritime industry, denies the allegations and insists on its commitment to adhering to international regulations.

The sanctions inquiry, led by Dutch customs, is centered on the potential enhancement of Russian military capabilities due to goods and technology involved in a 2022 transaction. Damen Shipyards has expressed surprise over the timing of the court case.

Facing additional accusations of bribery, forgery, and money laundering linked to ship sales from 2006 to early 2017, Damen plans to contest the charges vigorously. Meanwhile, amid these challenges, the firm anticipates securing a substantial portion of contracts for overhauling the Dutch navy's fleet in the next 15 years.

(With inputs from agencies.)