A statement from SensoDetect that Johan Möllerström is suspected of aggravated fraud related to Intellego.
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Surprised? Considering the guy’s previous ‘track record’. It remains to be seen whether charges will be brought against the entire board (for now, only those targeting him were announced?) or if it will only stick to Möllertsröm, who was probably the most suspicious person besides the CEO. Well, hopefully, after this, he won’t be able to continue his activities in another company.
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Update from Intellego
by | Dec 18, 2025
The Board of Directors of Intellego Technologies AB (“Intellego” or “the Company”) provides this update on events since the arrest of former CEO Claes Lindahl and the consequent trading halt in the Company’s shares.
The Board has asked Nasdaq that trading in the Intellego share remains halted so as to enable a reset of the company’s viable business.
The Chairman has initiated the Nomination process to the AGM – shareholders are encouraged to bring their suggestions to the Nomination Committee.
The Board is, as previously announced, conducting a comprehensive review of the company’s business and financial statements to safeguard the value inherent in Intellego for its 19,000 shareholders.
The Board is focussed on securing and protecting the Company and its business so as to resurrect it – creating and returning to shareholders the true inherent value of their investments.
First response after November 18, 2025.
The Company, through its Board of Directors:
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Immediately suspended all access by Claes Lindahl to Company servers, email, documents, and bank accounts.
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Confirmed to relevant personnel to comply with the prosecutor’s demand for access to Company information.
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Contacted the prosecutor to both enquire as to the factual basis for the allegations, so as to better facilitate security of critical evidence, and to assure the prosecutor of the company’s full cooperation with the investigation.
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Engaged with the KPMG Forensic unit to initiate an independent forensic investigation of the Company’s affairs, using the remarks received from NASDAQ as the foundation.
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Engaged with Nordea Bank and Svensk Exportkredit to provide critical requested information.
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Engaged with the Company’s auditor on a regular basis.
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Replaced Claes Lindahl as CEO with Board member Jacob Laurin on an interim basis and initiated a new CEO search.
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Changed all authorization and signatory functions and company and subsidiary positions to exclude Claes Lindahl and replace him with interim CEO Jacob Laurin.
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Communicated with all Intellego group personnel to assure them of the continuity of the Company’s activities and its intention and ability to continue the business and their employment.
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Communicated with key customers and other stakeholders.
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Implemented a structured engagement with media.
KPMG Forensic investigation
KPMG is carrying out an independent forensic investigation to all Company activities that could be the basis for the allegations made by the Swedish Economic Crime Authority (“EBM”). The starting point for the investigation is the remarks received from NASDAQ on 21 November. Although the investigation is paid for by the Company, the Company has assured KPMG of the independence of their investigation and that their conclusions will be made public. The Company has maintained regular contact with KPMG to answer questions and provide new information as it is uncovered. We foresee that this work will be completed at the start of 2026.
The business of Intellego
It is the firm view of the Board that Intellego has a viable business that can deliver significant value to shareholders. Since November 21, Board members have held discussions with customers and other market participants who confirm that in their view Intellego’s technology and products are market-leading and have the potential to dominate the emergent UV disinfection sector in healthcare. Several of these customers look to Intellego for leadership in this specialized niche market.
Intellego group personnel have all been contacted, primarily by Jacob Laurin, to assure them of the continuity of the Company’s business as well as of the steps taken to protect and preserve the business as well as to seek their assistance in the ongoing investigations and with customer relations.
Most of the Company’s customer base has been provided with assurances and information and asked to participate in ongoing investigations if requested. The purpose has been to preserve valuable customer relationships and lay the groundwork for continued collaboration. The interim CEO and Chairman were in China this week to meet with local personnel and customers, to preserve business relations in this key market.
The interim CEO and Board members have met with the CEO of Company subsidiary Daro to discuss the situation and plans for the next few years. This has assured the Board of the strategic value and ‘fit’ of the Daro business within Intellego.
The Board, and CFO Hans Denovan continue investigations and information gathering into all aspects of the Company’s business, including production, inventory and product deliveries. They work with the Company’s outgoing accounting firm, and new incoming accounting firm, as well as with our auditor Deloitte, to look into past and current accounting and reporting matters that require urgent attention, given the revelations that have come up in the past month.
The Board of Directors
The Board consists of three members: Chairman Greg Batcheller and ordinary members, Jacob Laurin and Johan Möllerström. The minimum number of Directors is set at three in the Company’s articles, so the Company could not function if it were to lose any of the three. Given the recent information of suspicion concerning Johan Möllerström the Board has decided that Johan should recuse himself from participation in Board decision-making, while remaining a Board member, so as to facilitate the Board’s ability to function.
The Board has received enquiries, primarily from shareholders, asking about the make-up of the Board both at this critical stage and for the longer term. The Company has a Nomination process which the Chairman has initiated. The Nomination Committee is considering whether additional members of the Board should be appointed prior to the Annual General Meeting. It is, however, important at this critical juncture to demonstrate stability and continuity in the Company so as not to undo the damage-control already achieved by the Board with our important commercial relations. Shareholders are encouraged to bring their suggestions to the Nomination Committee via the Company Chairman.
Strategic review
The Company is conducting a comprehensive review of the company’s business strategy to safeguard the value inherent in Intellego for its 19,000 shareholders. The strategic review is guided by a focus on core operations, cost control, organisational structure and management functions. The review is looking at achieving sales growth in all markets of our core dosimeter products while developing new offerings in collaboration with other UV disinfection industry actors.
We are also working actively to advance collaborations on other products using our ink, which is our core technology. We have looked extensively into Daro and its future in the Intellego group and ways to grow its business beyond the UK and into new areas of UV technology.
Our UV equipment business is also under review to get a better understanding of its strategic value and how best to take it forward. We are also looking at our organization to find ways to increase efficiencies and better use exiting capabilities.
Financial statement review
At this time we are evaluating our anticipated cash flow from operations to get an accurate view of future cash receipts. This evaluation also covers previously recognized revenues to determine, in the light of the evidence now coming to light, whether our financial statements need to be restated or write-downs instituted. Our aim is to try to complete this activity in conjunction with the Q4 report towards the end of February.
NASDAQ
NASDAQ issued a statement of remarks on 21 November, eventually giving the Company until 12 December to respond. We submitted our response within the time allowed. We are waiting for NASDAQ’s response. A de-listing would only serve to further penalize our shareholders. The Board has asked Nasdaq that trading in the Intellego share remains halted so as to enable a reset of the company’s viable business.
Communication
The Board has established contact with a majority of its stakeholders and provided information through press releases and interviews. However, the lack of a full context given the difficult situation with both regulatory and criminal investigations ongoing, the Board hereby provides as much information as possible in order to make clear the actions and status of Intellego.
The Board of Directors, Intellego Technologies AB
Contact
Jacob Laurin, acting CEO and Board Member, Intellego Technologies AB
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Hopefully this gets released and the stock remains listed… it’s going to be quite an interesting report…
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KPMG’s study was meant to serve as the basis for the response to Nasdaq, but the study will be completed at an unspecified time in 2026.
Even applying for an extension was laughable; the study stretching into next year is already absurd. Intellego’s sales transactions can be counted on one’s fingers, so I can’t think of any other reason for the study’s delay than missing paperwork. The acting CEO and the Chairman of the Board are in China “maintaining relationships,” so they are likely trying to get some documentation together from there as a late delivery.
Hopefully, the Swedish authorities have good relations with China.
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It is unlikely that losses can be reported for taxation this year, at least. Based on the press release, I conclude that write-downs will be made. This has been clear before, but I interpret it this way because the possibility of write-downs was explicitly mentioned in the release. Since it is a matter of how much fabricated sales are included in the figures, I do not believe the stock could be traded on the exchange given this uncertainty.
Yesterday, a press release was also issued stating that HCM is demanding back the funds Intellego received from HCM through a directed issue. According to the release, the breach of contract has not yet been defined in detail, nor has the amount of the repayment obligation. Those funds are currently “tied up,” and 130 mSEK of that money was the suspected damage from misleading EKN (Exportkreditnämnden). Swedish taxpayers can likely thank HCM for not having to foot the bill for the crime themselves.
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Apparently, a new board is being demanded for Intellego in the coming days
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Taken from Intellego’s Discord. They seem like good candidates for members of the new board. Hopefully it passes.
Here’s the full Hans Isoz proposal in English as well.
Utkast till kommun.pdf (65.3 KB)
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Claes had been paid a large performance bonus just before his arrest: Fired Intellego CEO Claes Lindahl received 3 million kronor bonus days before arrest | Sweden Herald
Naturally, that bonus is being reclaimed from him
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Intellego’s partner HAI Solutions has apparently received FDA De Novo classification approval on December 23, 2025, for its device using the product name QIKCAP. In this situation, the information likely has no value. HAI Solutions is marketing this product on its website. There seems to be little information available regarding this company’s sales or other financial data, other than that it is a startup without significant revenue.
Here is a screenshot from the FDA website as well. Intellego has not issued a press release about this, but they surely would have if Claes were still at the helm. Speaking of him, it seems he has deleted or hidden his LinkedIn profile. No person can be found in the search results under his name whose current or former employer was Intellego Technologies.
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Well then. Claes is also among those demanding a new board 
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Here is quite a curveball: one of the people demanding the replacement of this board alongside Hans Isoz is former CEO Claes Lindahl. This has been reported by Dagens Industri and a few other Swedish financial newspapers, among others.
According to the news article, Claes Lindahl owns 11.3% of all the company’s shares, so in practice, one could probably say that he alone has demanded the replacement of the board, as according to the article, Elias Kalla is the third person standing behind the call for the EGM along with Hans Isoz. Isoz and Kalla together own only 170,000 Intellego shares, or about 0.51%. The ownership information dates back to last September, so some changes may have occurred. Intellego’s current CEO has confirmed that Claes is indeed behind the demand.
It’s quite a funny situation in itself: first, the CEO commits who knows what frauds, and then he himself demands the replacement of the board, using Isoz mainly as a front, because Isoz writes in his demand, for example, that the former CEO is suspected of aggravated fraud, yet there is no mention that Claes himself is part of the demand.
It would be interesting to investigate the relationship between Isoz and Lindahl, as they even appeared together on a podcast to discuss Intellego. There has also been some speculation as to whether Lindahl could have been Möllerström’s puppet. It is quite interesting speculation, considering that the companies he is involved in have had the irregularities discussed in this thread. Lindahl may have said something about Möllerström’s role during questioning, as according to public information, he is the only board member suspected in the matter.
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Isozi’s comment for those interested (translated):
”Ok. Brief summary of the situation. I have about 500,000 shares, most of which are unfortunately in various capital and pension solutions. It would still not have been enough to call an extraordinary general meeting. At least 10 percent is required. I have not had any contact whatsoever with Claes since this happened in November but have been authorized via proxy to use his shares to enforce changes. Claes will never be anywhere near the company again and will have no role whatsoever in it going forward. No one knows what will happen to his shares when/if trading resumes or if there is a delisting. So I am using the opportunity I have now as long as he has his shares. The four names nominated for the board represent experience, professionalism, commitment and competence. It is not easy to attract when no one knows which company is behind all the strange things that have been committed. But for my part, I know the following: Likang is for real. They will order dosimeters and not least Qikqap in large quantities. HAI solutions’ approved product is a real game changer. Intellego owns 10.5 percent of HAI and also has the rights to Qikqap in China. Daro is for real. They have a business plan to reach SEK 400 million in sales within three years. Good management. Stay there and there is a healthy core.”
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Where did that comment from Isoz come from? I’m wondering which word “proxy” came from in the translation. Does it perhaps mean a power of attorney or authorization? It sounds a bit odd that Isoz wouldn’t have been in contact with Claes, if he is nevertheless acting on Claes’s behalf under some sort of authorization.
In itself, changing the board would definitely be a good thing. It’ll be interesting to see what kind of crap turns up in that KPMG audit. If I recall correctly, it was projected to be completed early this year.
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One would have thought that in a situation like this, it would have been easy to find enough shareholders to change the board without Claes. It certainly undermines credibility significantly.
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Finnish translation:
“Thanks to an independent forensic investigation conducted by KPMG for Intellego, resulting from suspicions of criminal activity involving the company’s former CEO, Intellego has received information that the terms of the order placed with Yuvio, including payment and delivery terms, have been forged,” the company writes.
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An incredibly poorly executed scam. Everything went south, starting with the communication and the dates. It’s hard to understand how someone sets out to commit fraud and can’t even get the details right, even though they are the ones deciding them.
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Yep, that was the most obvious fraud here. If no other major distortions come to light, it would be the “best case” scenario. I agree with @Odetus that it is a downright laughably amateurishly executed fraud. If the goal is to drive up the stock price with faked orders/positive profit warnings, how can you mess up the dates so badly that anyone can logically deduce it’s a scam. If, on the other hand, the CEO made that “deal” just to get bigger bonuses (which were mentioned earlier), then it’s the same thing—apparently, he didn’t realize those bonuses can also be lost if/when the matter is revealed to the authorities and the public. It’s hard to come up with any other possible motive for the fraud at this point. Unless the company’s cash situation has been tight and/or an otherwise weak quarterly report was coming and the share price was already under pressure, and Möllerström (with his shady background) has been whispering suggestions in Claes’s ear, as you would think Claes, as the founder/major owner, would actually want success for his company.
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The CEO replaced the lawyer and got two instead of one…
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Here comes the extraordinary general meeting! The meeting is scheduled to be held on February 23, 2026, in Stockholm. The agenda includes the number of board members, as well as their election and remuneration.
I wonder if Claes Lindahl himself will show up, or will Hans Isoz represent him by proxy? It’s a pity that trading in Intellego’s shares has been suspended. Journalist Sven Nordenstam would probably otherwise have been eager to buy a few shares and participate. Or would he also obtain a proxy from some owner?
The still-incumbent board has also suddenly found its balls before the vote on the new board and filed a police report with the Swedish Economic Crime Authority (Ekobrottsmyndigheten) against Claes Lindahl, which was announced just shortly after the extraordinary general meeting was convened. Could they, however, be afraid that something incriminating about their own actions might be revealed with the new board?
Well, perhaps the police report was timed to coincide seemingly with the completion of KPMG’s audit. Namely, Intellego will hold a press conference on January 30, 2026, regarding the findings of the audit.
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