Pension fund in investment scandal

PKA administers the pension savings of 260,000 Danes

August 11th, 2014 10:25 am| by admin

A number of groups within the health sector have over a billion kroner on the line in an investment scandal that is festering at the pension fund PKA, according to Jyllands-Posten newspaper.

PKA administers the pension savings of 260,000 Danes and the company has invested heavily – particularly with the pension funds of nurses – in the recycling company Genan, which is expected to reveal a considerable loss in the coming days.

“The situation is really tough, but I have complete faith that the PKA management is battling to find the best possible solution,” Grete Christensen, the head of the nurses advocacy association Dansk Sygeplejeråd and deputy head of PKA, told Jyllands-Posten.

READ MORE: Tyre recycling giant aiming for the ‘Michelin’ stars

Genan denies reports
Genan – which makes money recycling tyres – has been reported to be on the brink of collapse while majority stockholders and banks try to come up with a contingency plan.

Bent A Nielsen, a majority stockholder, has denied that the company is teetering on the edge of disaster.

PKA members have total pension savings of 195 billion kroner.

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