The Swedish corruption investigation linked to the country’s biggest pension fund, Alecta, and its investment in residential real estate firm Heimstaden Bostad, is still live with prosecutors working on more than 10 counts of corruption, it has been revealed.
In response to media reports last week that prosecutors had dropped two counts of possible bribery, the Swedish Prosecution Authority (Åklagarmyndigheten) yesterday released a statement about the preliminary investigation it initiated last November.
That probe was into “suspected corruption offences”, after the Swedish Financial Supervisory Authority (Finansinspektionen, FI) made a report in connection with Alecta’s investments in Heimstaden Bostad.
The prosecutor’s office yesterday confirmed that the preliminary investigation was still going on.
Johan Lindmark, the senior prosecutor heading up the preliminary investigation, said: “A small part of the investigation has been closed, but otherwise the preliminary investigation continues with just over 10 criminal suspicions of giving and taking bribes and gross disloyalty against the principal.
“At this stage of the investigation, no person is suspected of crime,” he said.
Alecta – which has been in crisis since early 2023 and replaced its top leaders – said last month that it has been working to improve governance, risk management as well as competence and culture as a result of the losses on the US bank investments, “and the question marks surrounding the investments in Heimstaden Bostad”.
At the end of June, Alecta’s holding in Heimstaden Bostad was worth SEK39.2bn (€3.45bn), according to the white-collar pensions manager’s interim results statement in August.
While the value has risen somewhat over the first half of 2024, it is still far below the SEK50bn it was worth previously.
Alecta is under particular pressure right now, ahead of this Friday’s deadline to reply to a letter earlier this summer from FI, saying, inter alia, that it believed Alecta had violated several regulations and that the authority would now make a legal assessment as to whether it should intervene.
Asked for comment on the investigations into and linked to the SEK1.3trn pensions firm, a spokesman for Alecta told IPE:
“Regarding the investigation from the prosecutor, Alecta has not yet been a part, or received any information.
“These types of crimes can only be committed by individuals, not by a company,” he said.
The spokesman said Alecta would give FI an answer to its opinion letter by the 6 September deadline.
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