Skandia Chair Out In Wake Of Scandal

NU Online News Service, Dec. 2, 12:11 p.m. EDT?Sweden's largest insurer, Skandia Insurance Company Ltd., announced yesterday that its chairman Bengt Braun had voluntarily resigned, following an independent investigation that revealed wrongdoing by former management.

The investigation found that several of the Stockholm-based company's former senior executives violated company rules, ignored board decisions and deceived shareholders, according to a company statement. Among the findings was that the executives paid themselves lavish bonuses, mismanaged company investments and charged the company for renovations to their apartments.[@@]

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