The former chief executive officer of Danish pensions firm Velliv, fired nearly two years ago for breaking internal rules, is now being investigated by the Danish fraud squad, it has emerged.
Steen Michael Erichsen, CEO of the DKK270bn (€36.2bn) mutual pension provider for 15 years, was sacked for making a private investment decision which Velliv’s chair Anne Broeng said at the time did not meet the ethical standards required from a CEO.
Broeng said in May 2023 that Velliv had not reported the case to the police, but had reported it to the Danish Financial Supervisory Authority (Finanstilsynet, FSA), and that the firm itself had “closed the case” with its agreement that the CEO would leave.
Danish newspaper Berlingske reported on Saturday that Erichsen was now being investigated by the National Special Crime Unit (NSK) — the police division into which Denmark’s fraud squad was integrated three years ago.
Christian Brynning Petersen of the NSK told Berlingske by email: “The Danish Financial Supervisory Authority has reported Steen Michael Erichsen to NSK. Considering that this is an ongoing investigation, I unfortunately cannot provide further information at this time.”
IPE understands this information to be correct, however, a spokesman for the NSK told IPE today the police were unable to give any comments or information on the matter, and a spokesman for the FSA said it could not comment on specific cases or named individuals.
Velliv told IPE it had no comment on this case.
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