Chairman Heimstaden Bostad: Not contacted about suspected corruption

International Courant

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The Swedish monetary regulator suspects corruption in reference to pension firm Alecta’s funding within the rental big Heimstaden Bostad, which is managed by Ivar Tollefsen. The connection has been reported to the Nationwide Anti-Corruption Unit, writes the Swedish each day Dagens Industri.

Helge Leiro Baastad, chairman of Heimstaden Bostad, stated neither he nor the corporate had been contacted in regards to the matter.

– It isn’t the corporate that has been notified, he says.

Leiro Baastad has no indications that individuals related to Heimstaden Bostad have been knowledgeable. He refers to a message from Alecta, which states that a number of folks have been reported.

– We be aware that the Monetary Supervisory Authority has reported a number of individuals to the police. We have now not been given entry to the official report and are actually awaiting the trial, the message states.

Evaluation eliminated

Alecta has engaged a legislation agency to research the funding in Heimstaden Bostad.

– Regulation agency Hammarskiöld concluded in its investigation that there have been deviations from the inner guidelines and that there have been indications of a violation, in accordance with the report.

residence

The Heimstaden Group owns 163,000 rental properties in a number of European nations, together with Sweden, Denmark, Germany and Norway, value NOK 339 billion within the third quarter of 2023. The overwhelming majority of properties and money owed within the Heimstaden Group are within the subsidiary Heimstaden Bostad. Heimstaden Bostad has roughly 220 billion in debt, together with hybrid capital, whereas the debt at guardian firm Heimstaden is roughly 20 billion. Heimstaden Bostad is owned by Heimstaden (38 %) and Swedish pension and insurance coverage corporations, similar to Alecta and Folksam (62 %). Ivar Tollefsen controls Heimstaden through Fredensborg.

The Alecta board subsequently sought new recommendation from one other legislation agency.

– As a result of there have been totally different opinions about doable prison offenses, and since a report primarily based on inadequate grounds may have detrimental penalties for each people and Alecta’s prospects, the board determined to not report it to the police and transferred each investigations to the Finansinspektionen , in accordance with the report.

Nevertheless, Finansinspektionen has chosen to report the situations.

Essential for the funding

Alecta’s new boss, Peder Hasslev, has said that the funding in Heimstaden Bostad shouldn’t have occurred and needs to renegotiate the shareholders’ settlement earlier than it’s applicable for Alecta to speculate cash in Heimstaden Bostad.

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Alecta owns 38 % of Heimstaden Bostad, roughly the identical stake as Heimstaden has within the subsidiary. Ivar Tollefsen controls Heimstaden.

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Heimstaden Bostad is battling rising curiosity prices and plans to promote rental properties for SEK 20 billion over the subsequent two years to repay debt and keep its triple B score from S&P.

The corporate has canceled dividend funds for 2023. Lately, the corporate has paid out a number of billion NOK in dividends to shareholders, together with Alecta. This dividend is essentially reinvested within the firm.

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Present all positions

The earlier head of Alecta needed to resign earlier this yr as a result of giant losses on the funding in Silicon Valley Financial institution. Consideration was then drawn to the funding in Heimstaden Bostad. The long-time chairman of Alecta additionally resigned earlier this yr. (Situations)Copyright Dagens Næringsliv AS and/or our suppliers. We wish you to share our instances through hyperlinks that lead on to our pages. Copying or different use of all or a part of the contents could solely be made with written permission or as permitted by legislation. For additional situations see right here.

Chairman Heimstaden Bostad: Not contacted about suspected corruption

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