29.04.2011 Dagens Industri: The Danish stock market suspects SEB of use of insider information

SEB recommended its clients to buy shares of AP Møller-Maersk, based on the undisclosed information obtained from the company's head of investor relations, writes the Swedish business newspaper Dagens Industri (DI). Copenhagen Stock Exchange will now review the transaction.

On April 11, the head of investor relations of AP Møller-Maersk, Henrik Lund met with the SEB analyst, and on the same day SEB sent its clients information with recommendation to buy the shares of Møller-Maersk before the quarterly publication of results on May 11, and then to be willing to sell them right away.

The analyst wrote to clients that the employee of Møller-Maersk had given him instructions to decide on whether the bank's assessment of the company's shares are in accordance with the Møller-Maersk's performance. The bank analyst said that the bank's forecasts had been too modest in Lund’s opinion, writes DI.

The Copenhagen Stock Exchange is now investigating what happened. If SEB Enskilda  clients have bought shares on the basis of the undisclosed information, it can be considered as exploitation of inside information, the Copenhagen Stock Exchange representative told the newspaper.

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21.04.2011 Eesti Ekspress: Businessman is accusing SEB Bank of racism

Link to the article "Businessman is accusing SEB Bank of racism"

Pjotr Sedin, the businessman at war with SEB Bank, argues that Gerd Krieger, head of the bank’s increased business risk division, called his company’s investors “Jewish terrorists”, with whom SEB will never have any relationship.

According to Sedin, Krieger used such an expression in a conversation with an official representative of Grove Invest in early March. However, as the expression was used in a private conversation, no one can protect their honour and dignity in a lawsuit.

Krieger categorically denies making any such statements. The bank also sent an official explanation to Sedin, arguing that there is no reason to doubt Krieger. Copies of the original letter were also sent to SEB CEO Annika Falkenberg and majority owner Marcus Wallenberg.

18.02.2011 Äripäev: Riho Unt from SEB hides a business relationship

The ten-year career of Riho Unt, Chairman of the Management Board of SEB, is impressive. However, Unt's speedy progress up the ranks has a hidden side - in addition to his work at the bank, he is directly connected to a company whose interests cross with the interests of his home bank.
 

The client feedback on the website of an advertising agency contains praise from Riho Unt from SEB: "We can use the required amount of human resources in our campaigns whenever necessary without having to motivate and develop them at other times. The people of SalesForce have proven themselves."

Unt knows what he's talking about, because no other client of OÜ SalesForce has a better overview of the company's activities. Unt is one of its founders and a hidden owner. The company has been SEB's partner in many campaigns. Although the Commercial Register shows that Unt left the circle of owners in 2004, he actually hid his shareholding behind the name of a friend. We discovered this when we started investigating a hint about a company called Ehitusüksus.

It is a construction company that has never earned huge profits from its activities. The company has failed to submit reports in recent years, but is still operating. Ehitusüksus has taken out leases on four unfinished private houses in Loo, Jõelähtme Municipality. These leases are valid until 2028 and have raised a number of questions.

The company that owns the houses, OÜ Swedinvest, is bankrupt. Their main creditor is SEB Bank. Trustee in bankruptcy Martin Krupp has tried to sell the houses many times, but without success. Considering the condition the houses are in, finding a buyer for them would be a true miracle. But buyers may also be put off by the long-term leases, and preventing the bank from getting its money may be the reason why these leases were entered into in the first place.

We were unable to get the trustee in bankruptcy to comment on this. Unt also seems to feel uncomfortable about the subject. He doesn't answer his phone. When we sent him a letter, the answer came from the bank's press officer, who confirmed that our question about his involvement was a surprise for Unt. "I was one of the founders of OÜ SalesForce 9 years ago, but I gave up my shareholding 7 years ago when I was still working in the Development Department of Ühispank. Any connections between SUM Trust and Ehitusüksus appeared after that," explains Unt. 

SalesForce founded its subsidiary Ehitusüksus in 2005. This was after Unt had officially given up his shareholding in the advertising company. The strange thing is that it was still Unt who made a share capital contribution for the foundation of Ehitusüksus. This is evidenced by the payment made to the company's start-up account in Swedbank. Proof of this can be found among other official documents of Ehitusüksus in the Commercial Register. Moreover, Ehitusüksus was registered at the same address as Unt's apartment.

Some time later, the shareholding in Ehitusüksus was transferred to the newly-created OÜ SUM Trust. This company was also registered at the same address as Unt's apartment. These are significant details that Unt seems to forget in his initial answers to the journalist. We send him more questions, asking him to specify. Unt responds: "I sold my shareholding in SalesForce 7 years ago. In this case (share capital contribution, registering the company at his own address - Ed.) I helped some good acquaintances of mine to establish a company 6 years ago by lending them both money for the share capital contribution and we agreed that they repay the money for start-up capital and register a new address for the company as soon as they can. I didn't have or get a shareholding in the new company, just Siim Mägi (the owner of SUM Trust, Ehitusüksus and SalesForce) didn't have a place of residence where to register the company." Mägi is a lawyer who works in Glikman's firm. In addition to SUM Trust that belongs to him, Robert Valtsov is a minority shareholder in Ehitusüksus.

Mägi and Valtsov repeat the same and assure us that Unt has never had a shareholding in Ehitusüksus. Unt just helped them out, lent them money and allowed them to register the company at his own address.

Finding an address in Tallinn for registering a company doesn't seem to be a mission impossible. It is also strange that Unt had to make the payment from his own account. We could probably accept their explanations as satisfactory, but they are not very convincing.

Äripäev has information that Unt managed the work of the companies whilst working in SEB also after 2004. We cannot disclose all the facts to known to us to protect our sources. However, we have checked the facts and are convinced that Unt did not sell his holding in SalesForce, but hid it with the help of his friend.

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14.02.2011 DELFI: SEB's property companies belong to a company registered in Holland.

Last year SEB hid its Baltic property companies Estectus, Litectus and Latectus in a company registered in Holland, claiming that it wishes to focus on its principal activities, i.e. banking.


A reader who contacted Delfi Economy noted that in 2010 SEB moved its property companies under the Dutch company Warehold B.V. The obvious reason is that the bank wants to save on taxes and make its accounting look better.

SEB's head office in Sweden decided to move the Baltic property companies of SEB Estectus, Litectus and Latectus created in the end of 2008 and in 2009 under the Dutch company Warehold B.V. in February 2010. It is difficult to find any official indication or confirmation that the company belongs to the listed SEB Group. SEB's Internal Communications Manager Piret Seeman said that SEB's property companies Estectus, Latectus and Litectus were consolidated into the SEB Group in 2010 under the name Baltectus. "The reason is simple - we want the management of all three companies to be able to focus on SEB's principal activities, which is banking. SEB AB owns 100% of Baltectus and this is where Baltectus was consolidated in the structure of the SEB Group. The economic results of Baltectus are shown under the results of the Baltic Division," says Seeman. Holland was chosen as the place where Baltectus was registered, explains Seeman, because they have the structures suitable for various property companies.

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