And has Vic Suno left xG? It says he was a director ‘until this January’? Rats and sinking ships eh? [Edit: It's been pointed out on iii that this is incorrect. The article actually says he was a Director (of xG), and an employee of ACH until January. My bad. Poor Swedish.]
”The speculative bubble company XG Technology has attracted many venture investors shares. It now turns out that even financier Maths O Sundqvist got in on the company.
The large holdings in Maths O Sundqvists empire is well described. It includes large holdings in established listed company like Industrivärden, Fabege and SCA. During his financial crisis, other parts of his portfolio were in a forced sale, like his holdings in Hexagon and Öresund.
But it is not just the kind of reputable shares included in the portfolio. Carnegie Bank released information before the auction of his Skrindan Company on March 17 that shows the company owns shares in crisis company Central Asia Gold and contentious XG Technology.
According to Peter Lind who worked at Skrindens he bought the 100 000 xG shares in March 2007 for about $ 10, which means a total of about 7 million SEK at the then exchange rate. Peter Lind bought 10,000 himself at the same time..
This means that Sundqvist went into XG-shares near the top. Since 2007, the XG price has fallen to 88 cents as of last Friday, which values the holding at 800 000 SEK.
Several other Swedes are among the major owners of XG Technology. The Swedish-controlled banking firm ACH in Switzerland is one of them. ACH has according to xG's website almost 10 percent of the shares. ACH recently went bankrupt. And for Peter Lind, it is important to distance themselves from the banking firm that is already blacklisted by the Stockholm Stock Exchange, even before the bankruptcy.
”I want to emphasize that we did not buy shares in XG by ACH, but the investment was carried out after a presentation of the company where its future prospects were presented. We saw on a similar investment that we would have done at Sandvik and Volvo.”
Other major shareholder in the company director Mats Wennberg, which increased its holding in the autumn. He bought shares over the past six months stock prices and now owns about 2.6 million shares (2 per cent of the shares). Victor Suno, xG director until January this year , and an employee at ACH, owned under the last known data 250 000 shares.
xG shares have carefully avoided established and regulated fund ownership Sweden. It is clear from the statistics that Finance Inspectorate prepares quarterly. Among Swedish equity funds, which are under the supervision of Finance Inspectorate, there isn’t anyone who owns any xG shares. “
So, as well as ACH’s shares being dumped, this guys 100k will too by the looks of it. Going down. Next stop $0.01?