A series of connections have emerged between Dug Foodtech, currently facing the risk of delisting, and Intellego, according to an investigation by Dagens industri (Di).
The business daily reports that a core group of key individuals repeatedly appears across several companies, with both communication and financial arrangements often following the same patterns. Di also highlights frequent name changes, delistings, and rapid turnovers in CEOs and CFOs.
Several companies have received sanction fees or penalties, and financing is often secured through loans from major shareholders with high interest rates and fees. At the same time, strained cash flows have been set against recurring letters of intent and international agreements, where revenues have often failed to materialize.
Dug Foodtech's chairman Johan Mollerstrom told Di that the company feels "unfortunately targeted" by Nasdaq and believes the decision to delist is disproportionate.
In addition to Dug Foodtech and Intellego, the investigation also covers Opticept, Sensodetect, Aegirbio/Magnasense, Plexian, Zesec/Avsalt, and Enersize. According to Di, the same group of people repeatedly appears in boardrooms, ownership lists, and financing solutions across these companies.
The review notes that not all individuals from Dug Foodtech or Intellego are involved in the other companies, but rather a smaller core group. It concerns a set of key individuals who appear in various combinations on boards, ownership lists, and financial arrangements in the other companies. Di's analysis is based on these recurring personal links rather than the entire management teams of the companies.
Intellego faces the threat of delisting after former CEO Claes Lindahl was arrested on suspicion of aggravated fraud. The company has now been granted an extension to respond to Nasdaq, which has allowed an additional week until December 12. The extension follows a request from the company, whose board states that efforts to make Intellego suitable for the stock exchange and to resume trading are ongoing intensively, as previously reported by Finwire earlier today.
