Stolen millions confiscated from Bagger accomplice

2.3 million kroner, hidden by Mikael Ljungman in accounts in Jersey and Hong Kong, are set to return to Denmark

December 12th, 2012 8:32 pm| by admin
facebooktwittergoogle_pluspinterestmail

Missing money belonging to Mikael Ljungman, the Swedish partner of fraudster Stein Bagger, has been found in two overseas accounts.

Ljungman and Bagger were both given seven-year sentences in 2009 after defrauding investors of over 1.2 billion kroner by artificially inflating the profits of their company IT Factory.

After their conviction 200 million kroner remained missing, and the public prosecutor for financial crime, SØK, has had repeated trouble finding it.

But after re-opening the case this September, SØK announced today that 2.3 million kroner had been confiscated from a bank account in Hong Kong, while an account on the island of Jersey – a notorious tax haven in the channel between France and the UK – had been frozen.

SØK announced that both accounts could be traced to Ljungman and that they were currently waiting to find out how to transfer the money back to Denmark.

“What this means in practise is that the bank where the 2.3 million kroner has been sitting now needs to transfer the money to the authorities in Hong Kong,” senior prosecutor Michael Ejlerskov told Ritzau.

Despite today’s developments, the prosecutors do not think it is realistic that what remains of the missing 200 million kroner will be returned.

“We do not have high hopes of finding the millions that remain missing despite having worked closely with the US for a long period of time,” SØK prosecutor Jens Madsen told Ritzau. “Some of it has been withdrawn in cash, while some has been sunk into a range of businesses.”

The confiscation of money from the account in Hong Kong is the first time that a non-EU country has complied with a Danish request to return stolen financial assets. Denmark is still waiting for an additional 36 million kroner being held by banks outside the EU to be confiscated and returned in a variety of other cases.

February 14 will offer time for quiet reflection, but more importantly: love!
Quietly remembered in a city where love will conquer all
The morning of 14 February 2015 was like any other Valentine’s Day in Cop...
The Danish-German border (photo: Arne List)
This Week’s Editorial: Refugees at work
The Danish politicians have digested the L87 austerity package and found a ...
The Elephant Beer brand is easily recognisable (photo: Kungfuman)
Elephant beer going down well in India
Carlsberg's old sudsy stalwart, Elephant Beer, has become a trumpeting succ...
Transporting drinking water from other places could have great environmental and economic consequences (photo: iStock)
Groundwater in Danish capital at risk of contamination
Groundwater in Copenhagen and Frederiksberg may be at risk of contamination...
40 percent aged 18-29 have had sex on a first date (photo: iStock)
Young Danes ‘do it’ on the first date
If you're going on a first date with a Dane under 30 this weekend, there is...
New digital police equipment leaving a mark on speedster wallets (photo: iStock)
Copenhagen’s roads lead the way in generating speeding fines
Four roads in the Copenhagen area are among the nation's top five for yield...