Skandia auditors’ liability – decision delayed

Skandia's board has announced that because an investigation into the possibility of holding Skandia's former auditors liable for damages is not yet complete the matter will not be taken up at the company's Annual General Meeting on 14 April 2005.

The investigation is trying to ascertain whether the company’s former auditors could have averted the sale of the company’s American division back in December 2002.

Skandia sold its American division because of the billions of kronor that were tied up to cover its American life-insurance policies.

The Board will return to this issue once the investigation has been completed. At present it is not clear when this will take place.