Fraud: Bagger bagged for allegedly bagging profits
The CEO of IT Factory A/S, a Danish computer company, is in custody today after the Chairman of the company called in the administrators to protect the company after, allegedly, finding a secret office near to the company's main premises.
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Fraud: Bagger bagged for allegedly bagging profits
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Stein Bagger, the CEO, was on leave when the company chairman became suspicious and after investigation located what is described as "a secret office with a second set of books." Those books, it is alleged, detailed what may turn out to be the largest corporate fraud case in Danish history - some USD220 million.
Bagger had flown from Dubai to the USA where he was arrested and extradited. the whole process has taken a little over two weeks from the chairman learning of the company's problems.
IT Factory was used by Bagger, it is alleged, to secure a series of leasing contracts which netted him some USD45 million.
In a classic twist, in November this year, Ernst and Young named IT Factory the Danish Entrepreneurial Company of 2008.
Oops.
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