Comments on media articles in the Netherlands
Today, August 16 2014, Buckaroo B.V, one of Intrum Justitia’s subsidiaries in the Netherlands, has been mentioned in certain Dutch media. Intrum Justitia acquired Buckaroo B.V during 2012. Buckaroo is a billing and payment services provider, offering a range of administrative payment services, including billing and payment matching for merchants selling goods and services on the internet. The company had a turnover of about EUR 9 million during 2013. Buckaroo holds a license as a payment service provider, issued by the Dutch Central Bank.
Regarding the media articles in the Netherlands, Intrum Justitia can confirm that the Dutch police have investigated a former client of Buckaroo during 2013. In December 2013, the former Managing Director of Buckaroo also became a suspect in the same investigation, following which the Managing Director was immediately suspended and eventually dismissed. Buckaroo B.V is not a suspect in this or any other police investigation.
As a consequence of these events, Intrum Justitia initiated a comprehensive review of Buckaroo’s compliance with Dutch regulations relating to know your customer routines during last year. This review, conducted in consultation with the Dutch Central Bank, resulted in an action plan to strengthen certain compliance-related processes at Buckaroo. In addition, some senior managers of Buckaroo were dismissed and a new management team was appointed. Buckaroo has since engaged internal and external resources to improve its internal routines in accordance with the action plan, including the termination of certain client contracts, and has made good progress to date. As a leading payment service provider on the Dutch market, Buckaroo remains committed to ensure compliance with the highest regulatory standards.
For further information, please contact:
Erik Forsberg, CFO Tel: +46 8 546 102 02
Intrum Justitia is Europe’s leading Credit Management Services (CMS) group, offering comprehensive services, including purchase of receivables, designed to measurably improve clients’ cash flows and long-term profitability. Founded in 1923, Intrum Justitia has some 3,600 employees in 20 markets. Consolidated revenues amounted to about SEK 4.6 billion in 2013. Intrum Justitia AB is listed on NASDAQ OMX Stockholm since 2002. For further information, please visit www.intrum.com