A veritable inverse Midas touch. There seem to be other similarities there.
Mats-Ola Andersson appears to be a board member, who participated in a directed share issue organized by Intellego in 2024. In that issue, five parties received shares, and the number of new shares was 342,202. The issue price was 26.3 SEK per share. If those were distributed equally, Andersson would have also received approximately 68,000 shares.
Googling “Mats-Ola Andersson Intellego” brings up a news article published by Dagens industri on 19.11., according to which Intellego’s management managed to sell in time.
Andersson’s name might also be in that news article, given that it pops up in the search results. Unfortunately, the entire story is behind a paywall. It’s likely that Andersson also realized he should sell the shares he received at 26.3 SEK in good time and pocketed the profits.
In this DUG Foodtech case, Nasdaq does not suspect a crime, but concerns relate to the company’s shortcomings in disclosure. So, the very same problem that Intellego had for years, which has now escalated into a criminal matter and the entire case was revealed as fraud.
For the brave, add Sensodetect to your portfolio from there, Möllerström, Chairman of the Board. Strong growth coming from China and Saudi Arabia. Can three scams/misconducts be found on the same person’s board CV?
Doesn’t his CV already list Aegirbion as the third one, at least according to what some have said? Of course, based on my quick previous research, that company managed to finagle its way to stay listed, changed its name, and apparently now there’s some reverse takeover and some AI-hype company in its place.
If the management had knowingly been involved with Claes in committing fraud and now the whole thing is exposed, then they could have thrown in the towel and stated that okay, it went to hell, we were exposed. Now at least they are trying to restore trust in the company itself, Claes is under the bus, and they are trying to think of all the small investors whose money is tied up in the company. This IMO.
Why? If you yourself were guilty of a crime and your accomplice was being interrogated, would you march in through the door shouting, “Yes, I’m guilty too”? The only thing that perhaps gives some confidence is that the leadership has not fled the country, etc., but for me, that doesn’t carry much weight.
So my point is precisely that the management is trying to save the company itself, and not just their own skin. If they were completely guilty and were already caught red-handed and panicking in front of the inspectors, what motive would there be to argue against it, saying that it’s not what it looks like, but would rather take to their heels and each management team member save themselves?
That motivation would come from the lawyers used by the company and the board. The board certainly has a duty to handle their responsibilities exactly as they are doing now, otherwise they would be guilty of a new omission. So, in order to keep their feet dry, they must do everything possible according to the “due care” principle.
So these steps must be taken now, regardless of how much they are believed to help.
Claes also has a financial incentive not to expose potential accomplices (if it is a crime). If the entire management had been involved, that would ultimately seal the company’s fate, and at the same time, the value of Claes’s holdings would go to zero.
In such financial crimes, it’s usually not so obvious who is guilty. So, whether the management/board is guilty or not, business as usual is almost the only option.
I personally believe that the board and management are currently buying time for themselves, not for the company. Saving their own skin will always be priority 1.
If they “throw in the towel” and, for example, put the company into bankruptcy, it’s better to have a pretty good defense thought out. So, no matter what, the towel will be thrown in as late as possible.
Edit: So, in my opinion, all announcements from the company that are not related to the company’s business have almost zero news value. Because the company would communicate in the same way regardless of how guilty the management/board is. If the worst-case scenario for the company materializes, no matter how aware/guilty the board is, charges will still be brought against them. The fact that weeks have passed, and there have been no announcements about the company’s business (which was supposedly red-hot) doesn’t really inspire confidence.
Let’s add another report published by DI after the previous one. The editorial team has found numerous suspicious similarities in several Swedish listed companies, where the same people are involved either on the board, as owners, or as financiers, as in Intellego and DUG Foodtech, which is under threat of delisting. These include at least:
Unrealized letters of intent with foreign contract partners
Company name changes
Delistings from the stock exchange
Changes in management (CEOs and CFOs mentioned)
Default fees and penalty payments
Loans from major owners with high interest rates and fees, and similar financing solutions
Weak cash flow
Here is the stock market development today for the companies mentioned in the published news.
DUG Foodtech already plunged significantly earlier in the week when similarities with Intellego were reported. The others have nicely crashed, except for the safe haven Intellego. The list does not include Aegirbio (now Magnasense), mentioned in the article, which was previously revealed to be a scam.
A possible scenario is that these fellows are each on the board of one company, a major owner in another, and a financier in a third. Then, for example, golden-fingered Möllerström proposes authorization for a directed share issue on the board of one company, in another company, he supports his friend’s similar proposal at the general meeting, and in the third, he receives shares through a directed share issue and perhaps even gets some nice free warrants on top of that. Then the shares obtained through the issue and warrants are sold off when the price is pumped up with baseless letters of intent and accounts receivable that are never collected. Insider trading does not need to be reported if one is not part of the company’s management, so sales happen behind a smokescreen. There is just enough real business in the companies to pay salaries and high-interest loans to friends.
What is written above is a bit tongue-in-cheek, but one could get such vibes from DI’s report. If something like this is behind it, then those Swedes are certainly good at raking in money - at the expense of small investors.
Now, prosecutor Thomas Hertz at the Swedish Economic Crime Agency, EBM, confirms that additional people have been notified of criminal suspicion.
"Now I can comment that additional people have been notified of suspicion of crimes. Unfortunately, I cannot comment on which crimes or which people," he tells Di
Edit: Käännös on mitä on, mutta jokainen ymmärtänee…
Of course, based on my quick previous research, that company managed to finagle its way to stay listed, changed its name, and apparently now there’s some reverse takeover and some AI-hype company in its place.
Nasdaq grants an additional week to provide a statement. At least the management says they are thinking of small investors regarding the case.
