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Swedish real estate tycoon found dead

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Swedish real estate tycoon found dead
16:39 CEST+02:00
Swedish financier Maths O Sundqvist, whose risky deals led to the 2008 demise of the Carnegie investment bank, was found dead near an all-terrain vehicle in northern Sweden on Sunday morning.

Police suspect Sundqvist was involved in an accident. When emergency services arrived, they found him lifeless and trapped under the vehicle.

Sundqvist launched his career by expanding and then selling his father's bus company in the 1970s.

He later became part owner in several companies, including the Ländstidningen newspaper.

In 2007 Sundqvist was ranked one of Sweden's richest men by the newspaper Veckans Affärer. He had at that time purchased blocks of shares primarily in Hexagon, Faberge, Industrivärden and SCA.

Sundqvist's stock portfolio was worth 12 billion kronor ($1.8 billion) at the time. He also claimed to own properties worth a total of between 7 and 8 billion kronor.

In 2008, Sundqvist was at the centre of the collapse of the Carnegie investment bank, which fell into trouble following the eruption of the financial crisis in the autumn of 2008.

The Financial Supervision Authority (Finansinspektionen) revoked the bank's licence because it had taken "exceptional risks" by lending large sums to an individual client - Maths O Sundqvist.

When forced to sell off the majority of his stocks, he suffered great financial losses.

At the time of his death, Sundqvist was 62-years-old.

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