When the AP funds were to invest in the battery company Northvolt, a venture capital company was hastily formed without employees and with a board of directors made up of officials from the AP funds, to get around the fact that the AP funds are not allowed to make direct investments in unlisted companies.
It wasn't really a ready-made venture capital company, said evaluator Mats Langensjö of consulting firm Arkwright, at a press conference.
In total, the AP funds invested SEK 5.8 billion in Northvolt - money that was lost in the bankruptcy.
According to Mats Langensjö, the company set up did not have the required organization, a capital framework, or a proper investment plan.
The board of the AP funds had not made the decisions it should have made to set substantive requirements for the company it set up, he said.
