The announcement comes in a ruling from Stockholm District Court that was announced on Wednesday. The company must also pay damages of SEK 375,000, as well as the opposing party's legal costs of SEK 25,000.
The ruling comes after Swedish Export Credit sued Intellego for reselling fraudulent invoices.
The District Court writes in the judgment that SEK acquired three invoice receivables from a Chinese company during the summer and autumn of 2025, and then paid Intellego 11.6 million euros.
"In retrospect, it has been shown that the circumstances were such that the sales contracts were invalid under civil law even when they were entered into," the court states.
Former CEO suspected
The company's former CEO is suspected of, among other things, gross fraud and was arrested in November last year. He is now free but remains a suspect. In addition, a board member has been served with a criminal complaint.
Intellego Chairman Gregory Batcheller says the ruling will not be appealed.
"We are fully aware that the money was taken under fraudulent circumstances," Batcheller said.
On Friday, Intellego reported a loss after tax of SEK 95.6 million for the fourth quarter of last year. The report comes after essentially all revenue during the first three quarters of 2025 was identified as fraudulent in an investigation conducted by the accounting firm KPMG, which was presented in January.
“Fraudulent acts”
Intellego's board has pointed to the then-CEO as responsible and claims that the same type of cheating was also committed regarding 2024 revenues.
Batcheller says it is a result of the former CEO's "fraudulent actions."
"He did it secretly; he was skilled at it, and the documentation looked completely correct," says Intellego's chairman.
The Stockholm Stock Exchange has submitted a request to the disciplinary committee to delist the company.
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