Netherlands faces potential hundreds of millions in export insurance fraud

The Dutch state may face losses amounting to hundreds of millions of euros due to suspected fraud involving export credit insurance. Investigations suggest that multiple clients may have used falsified accountant statements to obtain coverage through Atradius, a state-backed insurer that guarantees income for Dutch companies when foreign clients fail to pay.

The Public Prosecution Service and FIOD have launched a criminal investigation. In July, authorities seized €137 million in assets, including bank accounts and real estate, from three Dutch suspects. This specific case involves Amsterdam-based Atal Solutions, which secured €112 million in insurance for the purchase and sustainability upgrades of four second-hand bulk carriers. The vessels were to be sold to Blue Astra Maritime, a Greek shipping company registered in the Marshall Islands, with upgrades managed by shipbuilder Damen in Turkey. The contract involved two guarantors from the United Arab Emirates that Atradius suspected were not legitimate.

State Secretary Eelco Eerenberg informed the House of Representatives that there are suspicions of fraud across a total of 14 Atradius policies. However, he noted that the existing reserve of €826 million for export credit policies should be sufficient to cover the potential damages.