Danish IT chief 'on the run', suspected of fraud
Mystery over brutal attack on business partner
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Interpol is seeking the missing boss of a bankrupt Danish IBM reseller IT Factory, who is suspected of frauds totalling $85m.
Local police are also investigating a brutal attack on a reported business partner of Stein Bagger days before his disappearance.
Danish daily Berlingske Tidende reports that Bagger left his wife last Thursday during a combined business and leisure trip to Dubai.
The saga is gripping Denmark. Bagger was known as one of its most charismatic business figures, who had presided over spectacular turnaround and growth of IT Factory. According to Computerworld Denmark it reported doubling of revenue and profits for each of the past three years.
Now financial authorities are investigating claims that success was based on fraud. On the same day Bagger disappeared, IT Factory chairman Asger Jensby applied to declare the company bankrupt, saying his signature had been forged on contracts.
As the scandal escalated, it emerged that on Monday last week, a man who claimed to own 50 per cent of Agios United SA, a Bagger company registered in Polynesia, was assaulted outside his home. "He was beaten with a blunt instrument, but we do not know what it exactly was," Nordsjællands police spokesman Henning Svendsen told the local newspaper.
Danish news sources are not reporting the identity of the victim, who was hospitalised and received 25 stitches. Bagger flew to Dubai the day following the assault.
Berlingske Tidende reports the Bagger family said: "We will not comment on commercial issues related to IT Factory and Stein Bagger's activities, which we have no knowledge of."
Bagger has not been charged with any crime. ®
COMMENTS
The chairman did not file for Bankruptcy until Monday
Corrected time line:
Thursday: CEO Stein Bagger disappears, Chairman Asger Jensby and his henchmen begin raiding the offices looking for anything suspicious.
Friday: Chairman still finds nothing suspicious in the offices
Saturday: Chairman still finds nothing but hears that the CEO has recently rented an extra office in a hotel next door. The office key is lying openly in the CEO's official office.
Sunday: Chairman searches the extra office and finds leasing contracts with fake chairman signatures and other revealing documents. Chairman estimates that at least half a billion kroner (about 85 million $) of past income is really debt to leasing financing banks.
Monday: Chairman files for immediate complete bankruptcy (no bankruptcy protection phase first). Chairman holds press conference at 11:00 am detailing the above time line and findings. www.itfactory.com redirected to dummy "gone bankrupt" page.
No easy way out for him
"Well, if he was hoping to get e short sentence based on this being a so-called white collar crime"
A law professor has stated that he's looking at 6-7 years going by earlier cases. The assault could add perhaps 1 year to that (the partner didn't die - aggravated assault/attempted manslaughter at most) since sentences are served simultaneously in Denmark - it wouldn't matter all that much. He'd be out after 3 or 4 years anyway.
Of course, then there'd be the slight matter of a miffed partner - maybe mr. Bagger will need his contacts in Hells Angels after all. ;-)
Stien Bagger
Any student caught stealing glasses at a German bar?
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