This is a first step, then we may need to call the Economic Crime Authority as well. But a first step is that they get to come and explain themselves, says Oscar Sjöstedt, who represents the Sweden Democrats in the finance committee, to TT.
Attempted to circumvent
Sjöstedt thinks that it seems as if the four current AP funds have attempted to circumvent the rules for how AP funds are allowed to handle pension capital, in order to be able to invest almost six, now lost, billion kronor in Northvolt.
The background to the summons to the committee, provisionally at the beginning of May, is SVT's investigation into the four AP funds' (1-4) investments in Northvolt in 2021 and 2022 through a specially established company structure. It is an investigation that finance market minister Niklas Wykman (M) has also welcomed.
The AP funds' CEOs have so far not wanted to appear for interviews with SVT.
Wykman welcomes
I expect those responsible at the AP funds to step forward and account for their decisions and their operations, Wykman has said to SVT.
He emphasizes that he has no information about anything illegal having taken place.
The AP funds have the task of managing the Swedish pension capital and they are allowed to invest in shares. But they are generally not allowed to buy unlisted shares - companies outside the stock exchange - like Northvolt. Exceptions can be made if the purchase is made through a venture capital company. According to SVT's information, the four AP funds invented their own variant by jointly establishing a venture capital company, with a linked limited partnership company, without employees, in order to be able to buy shares in Northvolt.
The Sweden Democrats and Oscar Sjöstedt have not made a secret of the fact that they think investments in Northvolt have been wrong. But now it's also about the way it was done.
Sjöstedt suspects that the fund managers were subjected to political pressure from the S-MP government and the S government to invest money in Northvolt.
