Nordnet had an AI summary. Report filed regarding Intellego’s auditor
today at 4:15 PM ∙ AI news summary
Aktiespararna has filed a report regarding Intellego Technologies’ auditor, Deloitte, with the Swedish Inspectorate of Auditors (Revisorsinspektionen) based on KPMG’s forensic report. According to the report, 99% of Intellego Technologies’ Q1-Q3 2025 revenue was recorded incorrectly, and the issues may extend even further back. This action aims to determine whether Deloitte complied with professional auditing standards, given the deficiencies in the listed company’s internal controls. Trading in Intellego Technologies’ shares has been suspended since November 18.
KPMG’s forensic report showed that 99% of Intellego Technologies’ Q1-Q3 2025 revenue was recorded incorrectly.
Aktiespararna has filed a report regarding Intellego Technologies’ auditor, Deloitte, with the Swedish Inspectorate of Auditors.
The complaint against Deloitte concerns their auditing work for the years 2024 and 2025.
Trading in Intellego Technologies’ shares has been suspended since November 18 of the previous year.
If 99% of the revenue is fake, this must have been going on for years. Already in 2022, 57 million kronor in revenue was recorded. How have even the employees’ salaries been paid? A credit limit of hundreds of millions granted to a non-existent business? The auditors don’t notice anything? The board doesn’t notice anything strange, even though they have been overseeing a non-existent business for years? This simply shouldn’t be possible. If a fraud of this scale succeeds so easily, the entire Swedish stock exchange and all companies audited by Deloitte should be re-priced with some kind of banana republic multiples.
Is there any better explanation for this? Have the board and the auditor been complicit in the fraud?
I haven’t looked into this in much detail, but if the rest of the board consists of people who aren’t involved in the company’s day-to-day operations as employees and only serve on the board, then if they are provided with forged contracts and other forgeries, like forged bills of lading, the board is satisfied as long as deals are “made,” goods “move,” and money is even coming in from some Swedish authority. And it’s also difficult for the auditor if they are fed forged documents. It’s hard to start disputing it if a bill of lading or similar indicates that goods have moved, a contract for the sale is found, and there’s potentially even correspondence to support it.
Of course, it’s a separate issue whether one should be a bit more skeptical if the agreed payment terms are out of this world.
What exactly is meant by Deloitte’s work from 2025? The 2025 audit report hasn’t been issued yet. Of course, if the same thing has been going on in previous years, then there is some basis for that.
Based on the KPMG report published yesterday, the 2024 revenue is also fraudulent. Intellego has filed new lawsuits against the former CEO. This raises questions about the 2024 audit.
Hopefully, there will be positive news this afternoon when last year’s financial statements and business plan are released.
Major investor Hans Isoz, who owns a large stake in Intellego and persistently dissed skeptics before the catastrophe, is making a return to the public eye in an EFN interview.
Isoz now admits quite clearly that he was also duped and that the past few months have been a mental low point. Now, he is apparently still trying to salvage whatever might still be saved from Intellego.
We’re in good company. Intellego has been my biggest investment, with the value of the shares at €50k before the trading suspension. We’ll see how it goes. I’ll have to bury it in the long-term portfolio
Nordea and EKN (the Swedish Export Credit Agency) were also deceived, as was Deloitte, which audited Intellego’s 2024 accounts.
AI did a great translation of that study, but it seems it’s right—this company is already a corpse If that 2024 info is also correct, then this firm hasn’t earned anything but peanuts for a couple of years.
Quite a lesson in catching a falling knife after a quick glance at the quarterly report without really looking into the company. I even managed to exit the first 10k€ purchase with a stop loss at a 1000€ loss, but being too stupid to learn the first time, I bought back 5000k€ worth when the price started to level off. Now it seems those are also at least 99% gone.
If that 2024 info is also correct, then this firm hasn’t earned anything but peanuts for a couple of years.