New news regarding the delisting
Here is a summary:
“The Stockholm Stock Exchange has submitted a request to the disciplinary committee to delist Intellego, which has been suspended from trading, the company said in a press release.”
11 Likes
I wonder if it’s still possible to deduct losses in taxation somehow?
3 Likes
At the latest, if/when the company goes bankrupt. Before that, you can probably sell the shares to a friend for a euro and submit the bill of sale to the bank.
1 Like
I tried to sell an old leaf composter to a friend for a euro, but he wouldn’t buy it. In this shitshow, it’s likely much the same. Well, this is going bankrupt sooner or later, and then I’ll just put it toward tax deductions sometime in the 2030s.
5 Likes
I’m also interested to know how things work when this gets delisted? I have a good grand tied up in this, so it’s no big deal even if it goes into the trash.
Is it really true that I’ll just sell it to a friend for a euro as toilet paper, or will it be traded somewhere else even after the delisting?
2 Likes
99.4% of Intellegon’s 2025 sales are bogus, according to KPMG’s audit in the ongoing press conference.
28 Likes
Excuse my ignorance, but was that screenshot supposed to state a conclusion already? I read through it a couple of times, and with my English skills, I didn’t arrive at that conclusion.
1 Like
Did he say that or was there other material? It doesn’t say anything about nonsense there? Or am I just completely blind?
3 Likes
# Independent forensic investigation of Intellego Technologies’ financial information and corporate communication presented today
On the 25 November 2025 the Board of Intellego Technologies AB (Intellego) engaged KPMG to conduct an independent forensic investigation of the financial information and corporate communication presented by the parent company Intellego Technologies AB during the period of 1 January 2025 – 31 October 2025.
KPMG’s report from the independent investigation concludes that the reported revenues and the stated value of the orders under review do not reflect the actual underlying business. It also states that SEK 640 million of the cumulated net sales of approx. SEK 644 million reported in the first three quarters of 2025 should not have been recognized as revenue.
“It is clear that the former CEO sidestepped all safeguards, including the board’s oversight. We were all deceived by an expert fraudster”, says Greg Batcheller, chairman of the Board at Intellego.
Today at 1:30 pm in Stockholm, a press meeting will be held by Intellego Technologies AB where KPMG will participate to present the findings of the forensic independent investigation.
14 Likes
I don’t know exactly what was said in the broadcast, but from those releases/slides, my interpretation is that most of the revenue came from a few larger deals and that they shouldn’t have been recognized as revenue. But I don’t think it says directly whether all the deals were pure scams, or if they should have just been recorded as “backlog” instead of revenue.
Well, none of this likely matters anymore as another release seemed to come out regarding the Swedish financial guarantee institution’s demand for repayment with interest, which is to say bankruptcy is looming.
Thanks. I interpret this to mean that the revenue hasn’t strictly been faked, but rather it involves some letters of intent or similar that could turn into actual sales, but which shouldn’t be recorded as accounts receivable in the books. How real those ultimately were will probably never be clear. I don’t think even those who would have actually bought the products want to do business with the company anymore.
With any luck, the upcoming bankruptcy will be finalized during 2026, and we’ll get to write off all the losses as tax deductions.
1 Like
Will this link show up, as it didn’t want to appear in the previous message
Based on the findings outlined below, KPMG concludes that there is insufficient supporting evidence to justify the recognition of any revenue associated with the eight purchase orders. All-in-all SEK 639,978 thousand of the reported Net sales in 2025 is incorrect and should not have been accounted for or communicated to the market. KPMG’s findings are initially presented per customer as per below.
And now, as an illustrative example, Likang:
Shanghai Zhongyou Medical High – Tech Co., Ltd (“Likang”)
The investigation identified the following:
Two invoices of EUR 5 million respectively have been created to support the accounted revenue.
None of the reported revenue of SEK 94,544 thousand should have been recognized or communicated by Intellego in 2025.
So there are unsigned orders, which are more like some kind of letters of intent (“we are interested in buying”) rather than actual orders. And exactly the fact that nothing has been delivered and no invoices have been sent.
According to KPMG’s assessment, Claes has fabricated fictitious documents and vague orders, which the accountant/auditor then relied on, as they are entitled to do. Invoicing went through Claes, meaning he requested the invoices generated by the company for the “orders” for himself and then just sat on them and didn’t send them to the “customer.” As I understand it, KPMG hints that the motive was boosting the share price as well as PR, so that they could then get actual orders from somewhere.
I myself also laughed at these analyses that were based on there being cardboard boxes in the warehouse with old dates. I should have believed it at that point.
13 Likes
It was stated quite clearly there that 8 major letters of intent (MOUs) had been forged into orders and revenue. Agreements have been made with partners that include potential orders and deliveries contingent on future developments. These conditional agreements were signed. The former CEO then forged these conditional agreements as firm orders. He asked the auditing firm to send the invoice to him and allegedly forwarded it to the customer. The customer never actually saw the invoice. Those forged agreements were presented to the Board.
On a positive note, the customers do exist and are interested in continuing the cooperation. They are also exploring the possibility of listing on another exchange if Nasdaq delists them.
8 Likes
KPMG continues its investigation for 2024 and earlier to determine how much of the accounts receivable will need to be written down. Probably most of it.
There were even actual forgeries there. Clasu is quite a character. It’s crystal clear that you’ll get caught for these things sooner or later. He’ll end up behind bars and lose everything.
When the creditors claw back what’s theirs, nothing will be left for this and bankruptcy is calling. If I understood correctly, 4 M SEK is actual revenue and the rest is total bogus, and the cash flow has come through invoice financing. So there’s actually no money at all? No chance of continuing operations? Someone will probably buy the dosimeters/technology from the bankruptcy estate. Or then again, maybe they won’t.
1 Like
There is 47 million SEK in cash, but these are apparently from the Swedish export credit agency to which those forged orders were sold. They will likely reclaim those. The only hope is that some of those accounts receivable from previous years are valid and will generate cash for the company. The business case for the future will be presented on Feb 20th, as will the new financial statements.
The new CEO made a good impression and is ready to continue; the entire board is being replaced.
3 Likes
Here is the AI’s hallucination regarding this year’s billing based on the Q3 report:
According to the report (Q3 2025, “Q3 – Cashflow and financial position”, p. 8 / pdf page 9):
- Financing received during Q3/2025: SEK 52,313,000 (net, after deduction of transaction costs).
intellego-q3-2025-report
- Total financing received during 1–9/2025: SEK 128,645,000 (net, after EKN and financing partner transaction costs).
intellego-q3-2025-report
- Amount of EKN-guaranteed (and financed) invoices as of 30 Sept 2025: SEK 132,996,000 (EUR converted to SEK).
intellego-q3-2025-report
Here is a quote from the report: "The extended collaboration with The Swedish Export Credit Agency
(Exportkreditnämnden, EKN) has enabled the Group to receive SEK
52 313 thousand in financing, after deductions for transaction costs,
during the third quarter. Leading to totally received funds during
January to September 2025 of SEK 128 645 thousand, after
deductions for EKN and financing partner transaction costs. The
financed invoices are not considered in the accounts receivable per
30 September 2025 as they are financed without recourse. The total
EKN guaranteed invoices per 30 September 2025 conclude to SEK
132 996 thousand (0) when EURO is converted to SEK currency. "
So if there is that much fraudulent invoice financing during this year alone, then that’s that.
I was really off track here. There is downward pressure on the 16 SEK target price…
9 Likes
I think this comment should put an end to all speculation about whether it’s a scam or not.
“It is clear that the former CEO sidestepped all safeguards, including the board’s oversight. We were all deceived by an expert fraudster”, says Greg Batcheller, chairman of the Board at Intellego.
15 Likes