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Pensions Scandal

AMF Demand Money Back

Published lördag 18 april 2009 kl 11.34
Wanja Lundby Wedin

Following an investigation into what actually happed in the pensions and bonus scandal in the AMF pension fund, the fund’s board says that the former CEO Christer Elmehagen did get too much money in a pension deal, and are now demanding he pay back the sum.

The story exploded when it was revealed the the board’s former CEO was given the huge pension when he retired, with the board saying they had no idea he would get so much money.

The AMF fund is jointly owned by the Swedish Trades Union Congress, LO, and the Confederation of Swedish Enterprise. LO Secretary General, Wanja Lundby-Wedin, who has been very critical of ”fat cat” bonus deals for Swedish company directors, was one of the board members. She claims she knew nothing of the deal, and the revelations led to calls for her resignation.

An investigation was then started to find out what exactly happened, and according to business paper Dagens Industri, the board were informed in an extra meeting Friday night.

Elmehagen himself says he welcomes discussions with the AMF board, and if they find that he has broken any contracts, he would be willing to pay back some of the money he earned.

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