Pension fund in investment scandal

PKA administers the pension savings of 260,000 Danes

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

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.

Rockstar pig nursed a brutal hangover in style over the weekend (photo: Landsskuet - Dyreskuet i Herning Facebook page)
A lying pig, but no porkie pies
You can imagine that some of the cleaners' comments following a party for 1...
Glostrup, Rødovre, Ballerup and Frederiksberg were among the 15 municipalities that received nothing from 2011-2013 (photo: iStock)
Smaller municipalities missing out on welfare funds for the vulnerable
Not all of Denmark's 98 municipalities reap the rewards from the slush fun...
Wozniacki will regret this loss more than most given her easy draw (photo: si.robi)
Wozniacki out of Wimbledon
Caroline Wozniacki has once again failed to advance beyond the fourth round...
About 30,000 Jersey bull calves are put down in Denmark every year (photo: iStock)
New Danish project to curb euthanisation of Jersey calves
Every year some 30,000 Jersey bull calves are put down at Danish farms and ...
Passengers with bikes have increased from 2.1 to 9 million since 2010 (photo: Leif Jørgensen)
Every tenth S-train passenger travels with a bicycle
There has been a marked increase in passengers taking their bikes onto the ...
Pranov hopes that Heliac can be used to replace open fires used for cooking in developing countries (photo: Paul R Caron)
Danish project could save lives in developing countries
Danish engineer Henrik Pranov has developed a solar panel using plastic fil...