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Suspected looting of pension fund investment

One of Sweden’s public pension funds has been shaken by a scandal involving the suspected plundering of a company in the fund’s portfolio. The company’s CEO was also in a relationship with the head of the fund.

Following the revelations of suspected wrongdoing at Xeratech, one of the companies receiving investment from Sweden’s Sixth AP Fund, the company’s two founders have been fired and gone underground.

Sixth AP Fund spokesperson Ulf Lindqvist refused to say how much of Swedes’ pension savings may have been lost in the affair.

“We’re not going to make that public, other than to say that it threatens the company’s existence,” he told the TT news agency.

According to Lindqvist, suspicions that all was not right with Xeratech began to crop up during the autumn.

“What started with questions about the balance sheets later grew and we never got answers to our questions,” he explained.

“The pattern didn’t appear until later. We allege that this was a systematic set-up by the founders.”

Linqvist also directed blame back at Sixth AP Fund for how it handled the appointment of Xeratech’s CEO.

Since 2008, the post has been held by Åsa Rödén, who happens to be the girlfriend of Sixth AP Fund CEO Erling Gustafsson.

She had previously helped in the valuation of Xeratech and was suggested as CEO by the company’s founders.

“In hindsight all we can say is that it was stupid and wrong. There should only be a strict business relationship,” said Lindqvist.

Xeratech manages information and provides solutions for processing digital documents.

Now, the company’s existence is in jeopardy, according to the pension fund.

The company has around 80 employees, a turnover of 200 million kronor, with offices in Stockholm and Karlstad in western Sweden.

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Zlatan faces first club as PSG host Malmö

Sweden's international star footballer Zlatan Ibrahimovic gets the chance to face his home town club as Paris Saint-Germain face Malmö FF in a Champions League clash on Tuesday.

Zlatan faces first club as PSG host Malmö
Paris Saint-Germain striker Zlatan Ibrahimovic grew up in Malmö, Sweden. Photo: AP Photo/Jacques Brinon

The French champions and the Swedish title-holders meet at the Parc des Princes in the opening round of games in Group A, and with Real Madrid and Shakhtar Donetsk also in the section, neither team can afford a slip-up.

It will be a particularly special occasion for Ibrahimovic, who grew up in the southern Swedish city and scored 16 goals in 40 league appearances for Malmö before moving to Ajax in 2001, later enjoying illustrious spells with Juventus, Inter Milan, AC Milan and Barcelona.

After Malmö beat Celtic 4-3 on aggregate to qualify for the group stage, Ibrahimovic, now 33, wrote on Twitter: “One day I hope to experience the Champions League in Malmö on the pitch. Congratulations!”

IN PICTURES: Zlatan pays visit to home town Malmö

The return match in Sweden is not until November, but in the meantime Ibrahimovic will be eager to help his current side get off to a winning start in Europe, and get among the goals – he is presently just three shy of Pauleta's club record tally of 109.

The striker missed Friday's 2-2 draw at home to Bordeaux in Ligue 1 due to an abdominal injury suffered on international duty last week, but Paris coach Laurent Blanc stressed that Ibrahimovic wanted to save himself for Malmö.

In his absence, Paris dropped points for the first time in Ligue 1 this season, two catastrophic errors from German goalkeeper Kevin Trapp gifting Bordeaux goals in reply to Edinson Cavani's brace for PSG.

“We need to move on, although we also need to analyse the reasons why we drew. It's a different competition, a different opponent, but we will need to be much more rigorous and disciplined against Malmö,” warned Blanc.


Malmö qualified for the Champions League after beating Celtic. Photo: Andreas Hillergren/TT

Malmö finished bottom of their Champions League group last season, losing five out of six games, and they head to France on the back of a 1-1 draw at home to Elfsborg that left them fifth in the Swedish top flight.

With only seven games of the season remaining, a third consecutive title looks to be beyond them.

However, Norwegian coach Åge Hareide will be hoping Malmö, beaten European Cup finalists in 1979, can reproduce the performances that took them through three rounds of qualifying to reach the group stage.

“They are huge favourites and have world class players in every position, but we showed against Salzburg and Celtic that we have the level,” Swedish international defender Anton Tinnerholm told regional newspaper Sydsvenskan.

Malmö, whose star man is former Ajax and Werder Bremen striker Markus Rosenberg, are without Agon Mehmeti due to a foot injury.

READ ALSO: Zlatan breaks internet in rush for Malmö tickets