Philips Real Estate Investment Management, part of the Dutch electronic giant's pension fund, is at the centre of a major investigation into corruption and bribery in the Dutch property investment sector, it emerged last week. The company itself is not under suspicion, but a current and former employee have been detained in connection with deals involving property worth several hundred million euros. A total of sixteen people were arrested last week in connection with the investigation in raids on 54 premises in the Netherlands, Switzerland and Belgium. Six people are still being detained.
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