State auditor critiques Invest Sweden
The use of EU funding by Invest Sweden, the state agency meant to encourage foreign companies to invest in Sweden, cannot be properly accounted for, says the State Auditor.
"Invest Sweden may be asked to return significant amounts of funding," says researcher Stefan Anderson at the state audit office to the newspaper Svenska Dagbladet.
"In total, they received US$5.3 million from the EU between 2008 and 2011."
The state auditor's report says the agency is not under suspicion of having swindled the money, and instead blames the lack of accountability on poor record keeping.
Invest Sweden is in the process of shutting down. A series of damning articles by Svenska Dagbladet's reporters last year showed that it helped several Chinese companies set up fake businesses in Sweden.
The agency's responsibilities will instead be taken over by the Export Council.