Former Der Kreis UK chief executive Marcel Crezee has been fined €700,000 (£624,536) for “misusing his position”.
A court has ordered that Crezee (pictured) repay Der Kreis Netherlands the wage increases and bonuses he granted himself while he worked at the company.
The court judged that Crezee had failed to comply with the limitations within his contract and misused his position to “serve his own interests” by setting up his own competitor company, Second Base, while working for Der Kreis.
The court said this “seriously harmed the interests of the company”.
According to court documents, Crezee was found to have “actively hidden the existence of the lease agreement” for Second Base.
It was also ruled that Crezee should compensate for the damage caused as a result of the company’s partnerships in the company’s transactions.
Der Kreis opened an investigation into Crezee’s operations in June 2016 on suspicion of irregularities.
A shareholders meeting was held on November 16, 2016, which saw Crezee “disabled” from his role after he was handed a letter by TIC Forensic, which included several questions about his actions, the court report said.
On December 13, 2016, he resigned with immediate effect at a general meeting of shareholders.
Earlier this year, Crezee launched German buying group MHK, of which he is the managing director, to rival the KBBG in the UK. It is thought that a number of in-toto dealers have signed ‘letters of intent’ with MHK.
Kbbreview contacted Crezee who declined to comment.