PracticePeople In PracticeGhost of Baan haunts Invensys

Ghost of Baan haunts Invensys

Baan-rescuer Invensys faces more fallout from the ERP vendor's fall from grace on Thursday when it begins fighting a lawsuit brought against Baan by members of the Dutch Reformed Church.

Members of the protestant splinter group, which counts Baan founders Jan and Paul Baan as worshippers, are demanding 35 million guilders (£10.15m) in compensation for losses accrued after investing in Baan.

In the writ, the Baan brothers are accused of allegedly misrepresenting the firm’s position as favourable, and using their inside knowledge of its troubles to sell their own shares before the company’s problems came to light. Both brothers were forced out of the company in 1998 after the company blew $250m in a failed attempt to overtake on SAP for market leadership in the ERP sector.

Invensys, which bought Baan in August 2000, is fighting the claim, which could eventually triple to over £30m in compensation. In a statement, the firm said: ‘Baan was recently named as a defendant in a lawsuit filed by several Dutch investors. P>’Baan does not agree with the statements and characterisations contained in the complaint and will defend itself vigorously.’

This article first appeared on vnunet.com.

Links

Baan ‘loses’ Sydney office

Taking Stock – Baan should phone the lost property bureau

The Fall of Baan

Related Articles

Is inefficiency stealing your time and money?

Accounting Firms Is inefficiency stealing your time and money?

6m Emma Smith, Managing Editor
CIMA elects new president

Institutes CIMA elects new president

6m Emma Smith, Managing Editor
Transparent currency trade: How to achieve costs visibility

Governance Transparent currency trade: How to achieve costs visibility

6m Emma Smith, Managing Editor
Introduction to KPMG UK’s new leadership team

Accounting Firms Introduction to KPMG UK’s new leadership team

6m Emma Smith, Managing Editor
EY appoints head of UK Infrastructure Asset Intelligence practice

Accounting Firms EY appoints head of UK Infrastructure Asset Intelligence practice

8m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
MHA MacIntyre Hudson advises on management buy-out

Accounting Firms MHA MacIntyre Hudson advises on management buy-out

10m Emma Smith, Managing Editor