IT Factory trail points to Panama
The Copenhagen Post - Missing CEO wanted in connection with allegations of fraud could have gone to secretive Central American country. Stein Bagger, the former CEO of bankrupt company IT Factory, could be hiding out in Panama. Bagger, who is suspected of defrauding the company of 1 billion kroner, went missing last week after a trip to Dubai. Documents discovered in a secret office used by Bagger included clear indications of his involvement with Panama. Among the documents was evidence that he had set up a company there, as well as information about a Panamanian bank account. A note was also found which read ‘Hello Allan, it’s done’. Bagger’s Danish partner Allan Vestergaard owned a 22.5 percent stake in IT Factory, although it is not clear whether the note referred to him. (more)
Four copies of passports belonging to people of Latin appearance were also found in the office, which investigators believe may have been used as proof of identity of nominees needed to open a company.
Panama is well-known in financial circles as a country that ensures the confidentiality of company owners. It also possesses one of the most discreet banking systems in the world. Whereas in Denmark company ownership records are publicly available, in Panama it is possible to run a business anonymously.
Boris Frederiksen, who has been appointed as the liquidator or IT Factory, is now reviewing the accounts for clues as to where the missing billion kroner could have disappeared to. ‘It is quite possible that we might be led to some exotic locations,’ he said.
Since the 41 year-old former bodybuilder disappeared rumours have led to speculation that he was heading to Hong Kong. There has also been one reported sighting of him in the Bahamas. (jh)
