Committees will grill AP Funds on North Volt Money
– This is a first step, then maybe we need to call the Swedish Crime Authority as well. But a first step is for them to come and explain, says Oscar Sjöstedt, who represents the Swedish Democrats in the Finance Committee, to TT.
Sjöstedt thinks that it seems that the four current AP funds have tried to round the rules for how AP funds can handle the pension capital, in order to invest almost six, now lost, billions in Northvolt.
The background to the notice of the committee, preliminary in early May, is SVT’s review about the four AP Funds (1–4) investment in Northvolt 2021 and 2022 through a specially established corporate design. It is a review that also welcomed Finance Minister Niklas Wykman (M).
The CEOs of the AP Funds have so far not wanted to put up interviews with SVT.
-I expect those responsible at the AP funds to step forward and report on their decisions and their activities, Wykman has told SVT.
He emphasizes that he has no information that something illegal should have happened.
The task of the AP Funds is to manage the Swedish pension capital and they are allowed to invest in shares. But as a rule, they are not allowed to buy unlisted shares – companies outside the stock exchange – such as Northvolt. Exceptions can be made if the purchase is made through a venture capital company. According to SVT’s data, the four AP funds invented their own variant by together establishing a venture capital company, with a linked limited liability company, without employees to be able to buy shares in Northvolt.
The Swedish Democrats and Oscar Sjöstedt have made no secret that they think that investments in Northvolt have been wrong. But now it is also about the way it has been done.
Sjöstedt suspects that the funds’ lines were subjected to political pressure by the S-MP government and the S-government to invest money in Northvolt.
