NETHERLANDS - Jan Snippe, member of the management board of the€14.6bn Philips pension fund has resigned, a company spokesman hasconfirmed.

"Snippe has vacated his position as of 1 March," he said, whilE declining to explain the reason of the resignation.

As a member of the management board, Snippe approved large property transactions that are now being investigated for fraud.

Partof the investigation focuses on the director of the scheme's propertymanagement branch PREIM, as well as his predecessor, who were botharrested in November.

Snippe will stay on as Philips' head ofcorporate pensions, the body which supports the company's worldwidepensions strategy, the spokesman stressed.

A committee, headedup by Dick de Beus, former executive chairman of the €86bn healthcarescheme PGGM, is investigating the property fraud.

According tounconfirmed reports, the damage resulting from the property fraud isnow estimated at between €150m and €175m by the federation of Philips'pensioners associations, however, a spokesman for Philips declined tocomment.