Skandia’s former CEO, Lars-Eric Petersson, was sentenced to a two-year jail term by a Swedish court last week for fiddling the company’s executive bonus scheme.
Skandia’s former CEO, Lars-Eric Petersson, was sentenced to a two-year jail term by a Swedish court last week for fiddling the company’s executive bonus scheme. According to a report on the Bloomsburg newswire, the Stockholm District Court found Petersson guilty of breach of trust and said he had “;abused his position of confidence the position of chief executive gave him”;. The court was also reported as saying that Skandia had suffered “;considerable damage”; and that Petersson had “;grossly abused his position.”; Petersson was fired by Skandia in 2003 after poor performance of its equity-linked savings schemes, that later led to an investigation of the lavish executive bonus scheme, which included houses and other lifestyle assets. As CEO Petersson had lifted the executive bonus cap without prior board approval, a move that Skandia estimated cost the company over $AU28 million. Skandia has also embarked on a private legal action to recover losses from Petersson. However, Petersson was found not guilty of illegally adding $AU6.7 million to his own company pension scheme because of a lack of evidence. An appeal by both or either parties against the verdict is expected, Bloomsburg reported. Meanwhile, further details about the integration between Skandia and Old Mutual are expected later next month after a meeting between top executives of the two companies and analysts. It is understood the discussions will include how Old Mutual’s Selestia investment platform will fit in with Skandia’s.
Despite the apparent chaos and US President Donald Trump’s many idiosyncrasies – and those of the people he’s surrounded by – it does not signal that the US is declining in either power or influence, and a ‘new equilibrium’ will emerge, the Fiduciary Investors Symposium in Singapore heard.
Simon HoyleMarch 20, 2025
