April 12, 2001 – Amsterdam, Netherlands – The Dutch stock exchange regulator (STE) has confirmed its recommendation that the Attorney General of Amsterdam launch an investigation of Cor Boonstra, president and CEO of Royal Philips NV.
The insider trading investigation relates to the purchase of shares in Endemol Entertainment, a Dutch media group, by Boonstra in March 2000, a statement released by Boonstra’s PR firm said.
The statement also said that Boonstra would “fully” cooperate with the investigation and was awaiting further developments “with confidence”.
Boonstra will step down at the end of April. Long-time Philips’ employee Gerard Kleisterlee will succeed him as head of the company. No further information was available about the transition or its cause.
The review of the investigation by the STE will take at least two weeks, an official at the Public Prosecutors office in Amsterdam said. Following the review, the official said, the office will decide to go ahead with a formal investigation that would likely take a number of months.