Friday, February 13, 2015

Olofsson kicked out from LKAB’s board – Swedish newspaper Svenska Dagbladet

Olofsson kicked out from LKAB's board – Swedish newspaper Svenska Dagbladet

SvD Business can now reveal that Maud Olofsson kicked from the state mining giant LKAB’s board of directors. This announcement is a stinging setback for Maud Olofsson, who joined the company just a few years ago.

– I was told a week ago by an official from the Ministry of Industry. But Mikael Damberg have not heard from yet and I have not received any explanation as to why I can not sit still, says Maud Olofsson told SvD Enterprise.

Back in the spring received the former party leader and Deputy Prime Minister harsh criticism for its decision to Nobba hearing in the Constitutional Committee (KU), including from the Social Democrats but also from other parties and opinion formers.

In August, just before the election, took an irritated Magdalena Andersson up the issue and said that former cabinet minister who refuses to come to the Committee on the Constitution should be punished by not being considered for government appointments.

– You need a lex Nuon, as cabinet ministers and former ministers called to KU have to get there. If you refuse to come should in any case not rewarded with government mandates, said Magdalena Andersson in an interview with Swedish Television.

Now the government has thus has settled the matter and decided to kick out Olofsson.

KU already decided last summer to investigate the issue of ex-ministers who refuse to appear. But the aspiring finance minister Magdalena Andersson said in August that there was not time to wait for an investigation and the new decision shows that it has now gone from words to action.

Olofsson do not regret that she did not come to KU – although the question must be asked three times before she gives an answer:

– The answer is no. But it is not based on the KU I be assessed. LKAB is a fine company and I have tried to do my best and have not received any point of view that it is not enough. I am waiting to Mikael Damberg will hear from now.

It was in 2009 that Vattenfall acquired Dutch Nuon to 89 billion, the largest cash transaction ever in Sweden. But the deal would prove to be a nightmare for Vattenfall. So far, the company has been writing down over 53 billion. That is, the state electricity giant paid nearly 40 billion too much for Nuon.

An important reason for KU’s review last spring was SvD Enterprise’s high-profile revelations year about what the government knew or did not know, and the enormous costs that hit the state Waterfall in the wake of the acquisition. The KU especially wanted to ask Olofsson on where to whether she informed Prime Minister Fredrik Reinfeldt (M) or not. He assured in turn KU that he had not received any information about the deal by Maud Olofsson.

KU’s review led to the Minister Maud Olofsson was spotted by the committee. A majority of KU’s members felt that there were reasons to criticize the former deputy prime minister for “deficiencies in the documentation, information and preparation before the green light to Vattenfall.”

It is unclear if Olofsson also forced away from his other directorships. She is a professional board member and sits today in three listed companies boards, Diös Real Estate, ÅF and Arise.

SvD Business searches for Enterprise Mikael Damberg for comment.

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