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Thousands of Swedish pensioners hit with manipulation in savings

Sunday, 06 October 2013
A large tangle of investment fraud is being rolled up by the Swedish Economic Crimes Bureau, which will have heavy consequences on pensioners who had hopped to have been involved in a form of attractive savings.

At the centre of the scandal is among others, the Finnish businessman, Johan Ulander and Eniro's former CEO, Lars Guldstrand, who is also the key persons in the saga that also entangled two troubled mining companies, Mineral Invest International and IGE Resources, a Scandinavian mineral resource company based in Stockholm  which are said to have played with pensioners' savings.

The story goes that individuals, often-wealthy retirees have been encouraged to invest several hundred million of Swedish Kornor into four different corporate bonds. These bonds would earn them interest rates of up to 12 percent - that was the promise.
Swedish pensioners feared to have lost millions to bogus investors / Granscole/ file image

The set-up was almost identical in all four bonds, which went under the names Contender. Companies in Dubai issued the bonds, which are then marketed by asset managers in Sweden, writes the Swedish business daily, Dagens Industri.

The ring of the confusing spaghetti node continues that the plan presented was that, the Dubai companies would lend money to two other companies: Ducom, a commodities trading company in Dubai, and Conventus, Commodities Minerals & Mining (CCMM), a mining company registered in the British Virgin Islands.

The spaghetti spinner in the commodity trading and mining company is Johan Ulander, a businessman previously sentenced for Economic Crimes in Finland. According to the Swedish business paper, he controls both companies. He is also said to have connections with the Dubai Companies which sent out the bonds.

Today things are not looking good for the Swedish pensioners who invested or saved their pension plan in Johan Ulander companies and bonds. In June, they were informed that Johan Ulanders commodity trading and mining company could not pay back Skr227 million and interest on it - about  Skr 14 million, a total of Skr241 million. This has led the shares of Lars Guldstrand's investment company, GKL growth capital, to collapse in value. GKL describe itself as a private equity fund, challenging management strategies and business plans, striving for full potential as products, technologies and market evolve.

According to sources close to the Swedish business daily, Dagens Industri, the investigation into the bonds had been going on since 2011 by the Swedish economic crime bureau  when the matter was moved from the International Public Prosecution Office to economic crimes bureau. Since the fall of 2012 the lead investigator and prosecutor, Stig Åström has declines to answer any questions about the investigation.

The suspected fraudsters are closely linked to the Swedish mining companies, which are currently facing their own economic crisis. The companies, Mineral Invest and IGE Resources have in the past year both done business with two companies operating in the Johan Ulander's business sphere: Alluvia, registered in Jersey, and its major shareholder Amaranth, which is registered in the British Virgin Islands.

Can anyone trace the spaghetti node? 

For us we know that some Swedish pensioners have been screwed off some of their hard earned retirement money by some unscrupulous scammers who have not come from Eastern Europe or African. They are real Swedes.
By Team

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