Finansinspektionen reviews Samhällsbyggnadsbolaget in the Nordic region
The day before midsummer, the Swedish Financial Supervisory Authority announced that it had begun a review of Samhällsbyggnadsbolaget i Norden’s annual report for 2021. This was published more than a year ago, on February 23, 2022.
SBB has long been under attack from short sellers who have identified problems with the corporate structure and the financing of the company and its properties.
FI will investigate whether Samhällsbyggnadsbolaget i Norden AB (publ) has breached certain rules in its consolidated accounts for 2021.
In Sweden, accounting supervision is organized so that the Swedish Accounting Standards Board (the Board) is responsible for the ongoing supervision of annual and half-yearly reports. FI is ultimately responsible and has the power to intervene against breaches.
The Board has submitted a case to FI in accordance with Section 13 of Finansinspektionen’s regulations (FFFS 2018:18) on the supervision of issuers’ regular financial information.
FI is now launching an investigation to see whether Samhällsbyggnadsbolaget i Norden AB (publ) has violated applicable accounting rules and whether FI should intervene against the company.
More specifically, if the company has breached the provisions of the
Article 4 of Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards and ESMA guidelines on alternative performance measures (ESMA//2015/1415)
when it matters:
– Valuation of real estate – Safe Barnehager portfolio
– Valuation of real estate – the Laeringsverkstedet portfolio
– Accounting for acquisitions as asset acquisitions – Amasten
– Reporting of acquisitions as asset acquisitions – Offentliga Hus
– Disclosure of significant assumptions by class of property
– Alternative performance measures
Meanwhile, several other media, including Dagens Industri, report that SBB is allegedly offering its remaining residential properties to other players. Despite all of SBB’s problems, the company’s market capitalization today is more than SEK 6.5 billion, and it has more than 200,000 shareholders on Avanza alone.
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