Eniro could not withstand competitor

Eniro, the listed telephone number search company, has had huge economic problems in recent years. The company is now one step away from bankruptcy and can only be saved if the banks and a group of investors approve the company’s rescue plan, which has already been voted down by the shareholders.

Kristoffer Lindström, tech analyst at Redeye, says the company’s transition from telephone catalogue to digital services was the beginning of the end. “They have not been fast enough at adapting to the new kind of user behaviour. People have gone from searching locally to searching globally and suddenly Eniro was challenged by enormous tech giants with unlimited resources.”

Legal battle expected

Last August Eniro dismissed CEO Johan Lindgren after the directories firm unearthed inaccuracies in its accounts, which forced it to cut its profit forecast. The firm, which has seen its market value fall sharply in the past year, called in the police last September.

The police investigation into Lindgren is ongoing, but DI today reveals that the fired CEO sent emails to subordinates ordering them to inflate earnings. In one email that Eniro has handed over to the police, Lindgren apparently wrote: “Follow my instructions, or I will kill you”.

Meanwhile, Lindgren and his lawyers are suing Eniro for cancelling an agreed severance package. In turn, Eniro is arguing that the cancellation was in order, and is claiming damages of the former CEO.