Olaf Ephraim
Olaf René Ephraim | |
|---|---|
| Born | September 30, 1965 Rotterdam, Netherlands |
| Occupation(s) | Investment banker, politician |
| Years active | 1990s–present |
| Known for | Member of the House of Representatives (Netherlands) |
Olaf René Ephraim (born 30 September 1965) is a Dutch professional in investment banking and a political figure. His banking career included positions at MeesPierson and Fortis before he became affiliated with the conservative, right-wing populist Forum for Democracy (FvD). Ephraim held the role of treasurer within FvD and secured a seat in the House of Representatives during the 2021 general election. In May 2021, he departed from FvD to join Belang van Nederland (BVNL), a party founded by Wybren van Haga. Prior to the 2023 general election, Ephraim left BVNL’s parliamentary group to serve as an independent while maintaining his membership in the party.
Early life and education
Ephraim was born in Rotterdam and raised in the Gooi area. Between 1978 and 1983, he attended Het Baarnsch Lyceum gymnasium. He pursued higher education at the University of Amsterdam, where he obtained a propedeuse in law in 1985 followed by a degree in business economics in 1987.
Career
Ephraim started his professional journey as head of fixed income at Pierson, Heldring & Pierson, which merged into MeesPierson in 1993. From 1994 onward, he took on responsibilities as strategic planner and senior risk manager. After Fortis acquired MeesPierson in 1996, Ephraim was appointed managing director of MeesPierson Trading Partners. By 1999, he was co-leading Global Securities Lending and Arbitrage (GSLA), Fortis’s most lucrative unit. Subsequent investigations revealed that GSLA’s earnings were partially connected to a tax fraud scheme related to dividend stripping exposed by the CumEx-Files.
In April 2005, both Ephraim and GSLA co-director Frank Vogel were dismissed. Fortis attributed their termination to their refusal to cooperate with relocating GSLA to its merchant banking division; however, Vogel’s legal representatives argued that the dismissals were linked to disputes over their bonus arrangements. Ephraim’s bonuses resulted in earnings nearly double that of the CEO’s salary. A court later found Fortis had acted improperly and mandated severance payments exceeding €900,000 each, though Ephraim and Vogel sought compensation amounting to €7 million plus damages for harm to their reputations.
Following his departure from Fortis, Ephraim engaged as an informal investor via Superzaken Investments and served on the board of Deminor Active Governance Fund from 2007 until 2015. Additionally, he contributed as an instructor at the Academy for Banking and Insurance, an institution formed through collaboration between the University of Amsterdam and NIBE-SVV.
Politics
Ephraim became involved with the Forum for Democracy in 2017 and assumed the position of treasurer in November 2019 after the previous treasurer, Henk Otten, was expelled. For the 2021 Dutch general election, he was ranked sixth on Forum for Democracy’s candidate list announced in October 2020.
In response to revelations about antisemitic messages within the party’s youth wing in November 2020, Ephraim was tasked with conducting an investigation into these allegations. He had also played a role earlier in removing whistleblowers who reported extremist communications. Amid these controversies, several leading members accused party leader Thierry Baudet of making extremist comments during a private dinner. Ephraim defended Baudet by acknowledging that although Baudet made provocative remarks, he was neither a "fascist, homophobe, nor Nazi sympathizer." A deadlock within the party board regarding Baudet's leadership culminated in a referendum where Baudet retained 76% support.
As prominent members exited during this turbulent period, Ephraim rose to third place on FvD’s candidate list for the 2021 general election.
House of Representatives
In the March 2021 elections, Ephraim secured a seat in the House of Representatives with 989 preference votes and officially took office on 31 March. Although he stepped down from his treasurer role in January, he continued to serve on the board. Within parliament, Ephraim represented his party as the spokesperson for financial matters, the euro currency, and cultural affairs. His committee assignments included Art, European Affairs, Finance, Public Expenditure, as well as participation in liaison groups focused on Germany and the United Kingdom.
On 13 May 2021, due to political disagreements, Ephraim departed from Forum for Democracy alongside MPs Wybren van Haga and Hans Smolders. This split followed disputes related to a Liberation Day poster that criticized COVID-19 lockdown measures and party leader Baudet’s refusal to issue an apology. The trio subsequently established the independent Groep Van Haga parliamentary group. After this change, Ephraim retained only his position on the Art committee. When Van Haga launched Belang van Nederland (BVNL), Ephraim joined the party and served as a lijstduwer during Amsterdam’s 2022 municipal elections.
Prior to the snap election in November 2023, which was called following the fall of the fourth Rutte cabinet, BVNL excluded Ephraim from its candidate list. In response, on 2 August 2023, he resigned from Groep Van Haga amid internal disputes and continued his parliamentary duties as an independent MP under the designation Lid Ephraim, becoming the 21st caucus in parliament. Despite this separation, Ephraim affirmed his intention to maintain ties with BVNL.
Personal life
Ephraim lives in Amsterdam with his wife, Mieke Wennekes, who is also employed in the financial industry. The couple has two daughters. A lifelong chess enthusiast, he has competed in several editions of the Tata Steel Chess Tournament, achieving a peak FIDE rating of 2,105 in April 2013. Beyond his business endeavors, Ephraim also explored comedy during the early 2000s.