“Bpost Share Price Plummets as Potential Contract Irregularities with the State Revealed”

2023-04-25 16:36:58

The company’s share price lost nearly 20% on Tuesday following the discovery of potential irregularities in certain contracts concluded with the State.

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Journalist in the Economy department

By Jean-François Munster

Published on 04/25/2023 at 18:36
Reading time: 2 mins

QWhen will bpost’s descent into hell end? How many more revelations will come to splash the company? These are the questions that everyone was asking themselves this Tuesday morning, when they discovered a press release relating to yet another “corpse in the closet”. The company announced that an internal compliance review covering various services rendered to the State for remuneration indicated potential irregularities. The margins made by bpost on these services “might not be acceptable under applicable law”. Clearly, there would have been overbilling to the detriment of the State.

The review is still ongoing. These are preliminary findings. If it turns out that they are justified, the minister responsible for bpost, Petra De Sutter, was clear: “We will obviously ask bpost to reimburse the State. There are European rules. This would amount to totally illegal hidden state aid”.

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