Genan Confusion Heads to Showdown

Denmark’s TV2 reports that the losers in the Genan scandal are turning their legal big guns towards Bent A. Nielsen and former auditor Bjarne Nielsen.

Last Thursday PKA, Deloitte and Genan’s bankers published their rescue plans for the troubled firm. Currently, the details are being kept secret but leaked news is that the banks will agree to write off part of their debt, which according to TV2 amounts to a billion kroner, against a share of the compensation to which the auditing company Deloitte has agreed to pay.
PKA’s director, Peter Damgaard Jensen says that the institution has been in dialogue with specialised police and now PKA has hired lawyers to find out if Bent A. Nielsen could be held liable.
Genan’s bankers include SEB, Handelsbanken, FIH and Danish Bank. The latter says that it is still considering the legal follow up.
Deloitte director Anders Dons confirms that the case has entered a new phase.“This is the stage where we, together with our lawyers, assess whether there should be a legal follow up”.
Bent A. Nielsen rejected the announcements and called them ‘inappropriate’.

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