NETHERLANDS – The pension fund director of Dutch engineering company Stork NV has been fired as a result of “mismanagement and fraud”.

Luc van Gastel had been managing director of the two billion euro pension fund since 1984, and was due for retirement at the beginning of April this year. However, as a result of “mismanagement and fraud”, van Gastel was fired two weeks ago. The company declined to elaborate further on his actions.

Pim van Dorp, corporate director at Stork, is taking over the position on an interim basis. He told IPE Newsline that a search for a permanent replacement has started and there were hopes that a successor could be named in a few months’ time.

According to reports in the Dutch press, the fund is now examining its internal rules aimed at stopping pension-fund related fraud, although van Dorp said the fund had done nothing wrong by appointing van Gastel. He added: “It is, however, a pity that at the end of his career, he did things that he should not have.”

Van Dorp stressed that no material damage had been done to the pension fund as a result of van Gastel’s behaviour.