In February 2015 3i put Eltel, which provides technical services for infrastructure services, on the stock market and then dumped the rest of its shares several months before an accountancy problem was discovered in the autumn. Buyers included well-known Swedish funds and pension companies which now feel that they were kept in the dark. According to DI’s sources several of the major shareholders are considering taking legal action against 3i.
The huge power transmission project in Africa, which was accounted for wrongly, causing Eltel major losses, goes back to 2014 when 3i and BNP Paribas owned the company. On Tuesday evening the board decided to report former CEO Axel Hjärne to the police for accounting violations and/or fraud. The shock decision sent the share price plummeting.