An investment scandal involving almost 100 million euros placed in the failed Icelandic bank Landsbanki has led to the resignation of seven leading Dutch regional politicians.

The executive board of North Holland, the top tier of regional government,  stood down as questions mount as to whether the massive investments will ever be recovered.

An inquiry found that the board had violated its own investment policy, resulting in a lack of monetary supervision, in making the initial investments.

The committee also said that the province had neglected to implement risk management strategies and did not sufficiently monitor its treasurer. The province responded by stating that it is adopting the committee's main recommendations and has already implemented a number of improvements.

The board resigned after the conservative VVD party dismissed its representative Ton Hooijmaijers who was responsible for provincial finances. Other administrators followed suit. Although they do not believe the board to be guilty of any wrongdoing, they do feel that serious incidents should have political repercussions.

It is highly unusual for a provincial board to resign. The last comparable incident was more than ten years ago. In the 'Ceteco affair' in the province of South Holland, the Queen's Commissioner resigned after the province squandered tens of millions of euros in high-risk investments.