<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ____1_____)*
ICTS International NV
---------------------
(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
N4383710
--------
(CUSIP Number)
December 31, 1998
-----------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 4 Pages
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- ---------------------- -----------------
CUSIP No. N4383710 13G Page 2 of 4 Pages
- ---------------------- -----------------
- ---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Warburg Pincus Asset Management, Inc. 13-2673503
- ---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [ ]
Not applicable
- ---------- ---------------------------------------------------------------------
3 SEC USE ONLY
- ---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------- ------ ----------------------------------------------------
5 SOLE VOTING POWER
Not applicable
------ ----------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY Not applicable
OWNED BY ------ ----------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON Not Applicable
WITH
------ ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
Not applicable
- ---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Not applicable
- ---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
[ ]
Not Applicable
- ---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
Not applicable
- ---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IA
- ---------- ---------------------------------------------------------------------
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Item 1(a): Name of Issuer:
- --------- --------------
ICTS International NV
Item 1(b): Address of Issuer's Principal Executive Offices:
- --------- -----------------------------------------------
Binderji 7G
1185 ZH Amstelveen Netherlands FF
Item 2(a) Name of Person Filing
- --------- ---------------------
Warburg Pincus Asset Management, Inc.
Item 2(b): Address of Principal Business Office:
- --------- ------------------------------------
466 Lexington Avenue, New York, New York 10017
Item 2(c): Citizenship:
- --------- -----------
Delaware
Item 2(d): Title of Class of Securities:
- --------- ----------------------------
Common Stock
Item 2(e): CUSIP Number:
- --------- ------------
N4383710
Item 3: If the reporting person is an investment adviser in
- ------ accordance with Section 240.13d-1(b)(1)(ii)(E), check
this box. [X]
Item 4: Ownership:
- ------ ---------
Not applicable
Item 5: Ownership of Five Percent or Less of a Class:
- ------ --------------------------------------------
If this statement is being filed to report
the fact that as of the date hereof the
reporting person has ceased to be the
beneficial owner of more than five percent of
the class of securities, check the following
[X]
Item 6: Ownership of More than Five Percent on Behalf of
- ------ ------------------------------------------------
Another Person:
--------------
Not applicable
Page 3 of 4 Pages
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Item 7: Identification and Classification of the
- ------ ----------------------------------------
Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
-----------------------------------------
Not Applicable.
Item 8: Identification and Classification of
- ------ ------------------------------------
Members of the Group:
--------------------
Not Applicable.
Item 9: Notice of Dissolution of Group:
- ------ ------------------------------
Not Applicable.
Item 10: Certification:
- ------- -------------
Inasmuch as the reporting person is no longer
the beneficial owner of more than five
percent of the number of shares outstanding
of the issuer of the securities referenced
herein, the reporting person has no further
reporting obligation under Section 13(d) of
the Act with respect to such issuer.
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: March 22, 1999
By: /s/ Linda S. Iovan
----------------------
Name: Linda S. Iovan
Title: Vice President
Page 4 of 4 Pages
