Refaat El-Sayed does Industrivärden 1.6 billion – Swedish Dagbladet

Refaat El-Sayed and Fredrik Lundberg, Chairman of Industrivärden. Photo: Henrik Montgomery / TT, Magnus Hjalmarsson Neideman

At today’s General Meeting in Industrivärden at the Winter Garden at Grand Hotel in Stockholm is an odd question be discussed . As a ghost from the past is an old story of the day. Refaat el-Syed has sued Industrivärden of over 1.6 billion.

– It goes back to the Fermentation deal from the mid-80s and the Volvo deal when Fermentation and Volvo would merge, says Gunnar Brolin, Refaat el -Sayeds attorney.

When the affair broke a written option agreement between Refaat El-Sayed and Industrivärden. He would buy B shares in Fermentation. But then everything crashed had Refaat El-Sayed unable to fulfill the agreement. Yet he had pledged its Fermentation Shares.

– This dispute based on an agreement signed December 15, 1986 between Refaat El-Sayed and Industrivärden, he says.

Industrivärden would sell the pledged shares, and the purchase price would be distributed in a certain way. Moreover, Refaat El-Sayed under the agreement have some salaries and consulting fees from Industrivärden.

– In 1987 it seemed at first as Industrivärden would pursue it. But then the mood worse. Refaat El-Sayed went bankrupt, and was reported to the police for fraud, says Brolin.

in some refined terms, they said “fuck” to Refaat El-Sayed.

Refaat El-Sayed was sentenced in 1990 to six years in prison for, among racketeering and a number of other economic crimes.

While the bankruptcy was a fact, it was clear that Industrivärden was not going to fulfill the agreement. Industrivärden sold, but no money was allocated not.

– In some refined terms, they said “fuck” to Refaat El-Sayed said Gunnar Brolin.

In recent time has extensive material from Fermentation the deal ended at the National Archives.

– Refaat El-Sayed has gone through it, and we have calculated on the basis of the documents that the requirement of sales is about SEK 400 million, plus interest since 1990. then there is also the salaries and consulting fees. Together, the 1.6 to 1.7 billion.

The question is why the requirement will only now.

– It is only now Refaat el -Syaed able to honor its requirements with the help of documents from the National Archives. He has also raised it before, but then, Industrivärden has said that if he messes they think put him out of business again.

this is so old, so there are no people left in the company that was with at the time.

Now, the dispute shall be settled by an arbitration panel, likely in September. The Board will in the first stage to get the judge if the claim is time-barred or not, which is Industrivärden’s main counter-arguments. Industrivärden dismisses all talk of compensation claims.

– This is so old, so there are no people left in the company that was with at the time. We have been using legal expertise. But we have nothing more to say than what we wrote in our last quarterly report, says Sverker Sivall, communications manager at Industrivärden.

The report is “dispute” up briefly. It confirms the mood and informs shareholders about the mood amount of 1.6 billion. Industrivärden also says that it believes that the claim is wrong and barred.

At the meeting today, the issues likely to be on the requirement. Refaat El-Sayed will most likely not able to attend but according to the lawyer Gunnar Brolin, there are people who have an interest in the case and may ask questions in the case.