Swedish National Debt Office seeks court declaration that Carnegie
was taken over properly
(Thomson Reuters ONE) - The Swedish National Debt Office today submits an applicationrequesting Stockholm City Court to declare that the takeover ofCarnegie Investment Bank (CIB) and Max Matthiessen Holding (MM) wasconducted properly.D. Carnegie & Co, the former owner of the companies, is questioningthe takeover and at the same time wants to adjust the valuation. Thevaluation is founded on the Debt Office having acted correctly. TheDebt Office consequently wants the City Court to confirm that theDebt Office sold CIB and MM in its capacity as owner and not as apledgee. This issue is decisive for calculating any compensation dueto the former owner.The Debt Office was entitled under the contract with D. Carnegie & Coto take over the companies and then sell them as owner. The value ofthe companies at the time of the takeover is consequently crucial. Iftheir value exceeded the support loan to CIB the surplus would passto the former owner. The valuation, conducted by independent valuers,was lower than the amount of the loan and consequently no surplus hasbeen paid out.If the Debt Office had instead sold the companies as a pledgee -which the former owner has claimed would have been the correct way -there is no need for a valuation. Instead, any surplus from theactual proceeds of sale should be repaid to the former owner. Thesale did not yield any surplus, though there may be such a surplus inthe future owing to certain profit-sharing arrangements.The former owner has applied for the valuation to be reviewed by theExamination Board, asserting that the valuation to be fixed for CIBshould be several billion Swedish kronor more than both the salesprice and the valuation that the independent valuers arrived at. Oneprerequisite for a review by the Examination Board is that the DebtOffice sold the companies as owner. However, the former owner hasleft it open, if it fails before the Examination Board, tosubsequently go to the City Court to test whether the takeover wasconducted properly. This approach is not acceptable."These questions must be considered in the proper order," says BoLundgren, Director General of the Debt Office. "There is no need fora valuation if the Debt Office sold the companies as a pledgee. Ifthat were the case, the proceedings at the Examination Board wouldserve no purpose. The City Court should therefore declare that wesold the companies in the correct way."The Debt Office will request that the dispute at the ExaminationBoard be suspended pending the outcome at the City Court.The Debt Office took over CIB and MM in November 2008, under theSupport Act (Government Support to Credit Institutions Act 2008:814),to protect the stability of the financial system.For further information, please contact:Bo Lundgren, Director General, +46 8 613 46 51This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.07.2009 - 09:30 Uhr
Sprache: Deutsch
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