For years, IT service provider Centric has been facing turbulence. Owner and founder Gerard Sanderink has been the source of much controversy, particularly due to his wife Rian van Rijbroek’s widely publicized issues. This week, the Centric board demanded that shareholder Sanderink Investments repay a loan of 80 million euros. What should customers make of this?
The trust Centric had earned from its customer base has been shaken, so the board’s emergency measure is understandable. According to the FD, the management has threatened to put the company up for sale if Sanderink does not repay the loan soon. Centric has summoned the shareholder.
Centric is one of the Netherlands’ largest IT service providers. In recent years, the company has managed the IT systems of several government institutions, which is why the Public Prosecution Service is keeping an eye on the situation.
Sanderink has stated in a letter to the House of Representatives that the loan was obtained through “deception and deceit”. The 80 million euros were allegedly used to financially support infrastructure company Strukton, which is owned by Sanderink.
The company has already experienced a major exodus of employees, after which major clients such as Arbo Unie, pension manager PGGM and Bank Nederlandse Gemeenten began to question their collaboration. The Enterprise Chamber (OK) then prevented Sanderink from returning as a board member.
It is unlikely that the 80 million euros will be repaid soon, as it may have already been written off. This episode will cause a mental divide for Centric customers: on the one hand, the turmoil around the company is just extra disruption, but it seems that the board is turning away from Sanderink. In the short term, these are uncertain times for Centric, as it is yet to be confirmed whether Sanderink will be forced to pull out. More clarity on this should be available later this month.
The opinion of Centric’s user association is yet to be heard. This will give a clear indication of the sentiment among government organizations (prominent customers of Centric).
