Dutch supermarket chain Jumbo will stop sponsoring Formula 1 champion Max Verstappen and the Dutch Grand Prix at the end of the season, following the former CEO's implication in a money laundering case.
Frits van Eerd, the top executive of the Dutch supermarket chain, remains detained as a suspect in a money laundering case.
The Public Prosecution Service in the Netherlands reported that his detention was reviewed by the examining magistrate in Assen on Friday afternoon and extended by the public prosecutor for a maximum of three days.
The examining magistrate on Friday also decided to extend the pre-trial detention of the 58-year-old suspect in the case by 14 days. Five others have been released, but they remain suspects.
The prosecution stated that money laundering took place through real estate transactions, car trading, unexplained cash deposits, and sponsorship contracts in motocross sports. There is also a suspicion of VAT fraud in the car trade. Van Eerd's co-defendants are accused of having been involved in the fraud to a greater or lesser extent.
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Jumbo will make an announcement shortly, a spokeswoman said. The supermarket chain's management team handles day-to-day operations in Van Eerd's absence.
Jumbo is the Netherlands' second-largest supermarket chain and also operates in Belgium. Jumbo enjoys fame as a sponsor of the cycling and skating team Jumbo-Visma as well as Formula 1 driver Max Verstappen.
The chain will also withdraw from sponsoring top sports.
