bpost: stock slumps on potential fiddling

(CercleFinance.com) - The Belgian postal group bpost share has slumped 7% on Tuesday following the discovery of possible irregularities that have led to the temporary withdrawal of its chief executive officer (CEO).


In a statement, the operator explains that it has initiated a compliance review relating to the concession for the distribution of newspapers in Belgium, a procedure that has revealed possible violations of the company's codes of conduct and the laws in force.

bpost, which asserts that it has shared these details with the authorities, says that the examination relating to possible malpractices committed by people working for the company is underway and that it is mobilising all its possible resources.

During the period of the investigation, the company's board of directors and its managing director, Dirk Tirez, agreed that he would temporarily step down from his position.

In the meantime, his role has been temporarily assigned to Henri de Romree, the head of the e-Logistics North America division.

bpost says that a new announcement will be made as soon as the board of directors has assessed the outcome of the review and its impact on the company.

In 2015, bpost won the tender procedure organised by the Belgian state for the distribution of recognised newspapers and periodicals in Belgium, a concession that was eventually extended until 31 December 2022.


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