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Decisions and statement by Skandia's board concerning special investigative report.

Europe Intelligence Wire

| December 01, 2003 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Hugin)

Skandia's board hereby acknowledges that the investigators have completed their assignment. The investigative report reveals a number of improprieties that have existed at Skandia: A few persons in Skandia's former senior management have broken rules, ignored board decisions and deceived their principals. They have acted in violation of the morals and propriety that form the foundation of acceptable company management. They have conducted acts that are unsuitable, unethical, and in some cases probably illegal. They have mismanaged their positions and abused the confidence instilled in them by Skandia's customers, employees, board and owners. They ...

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