STOCKHOLM, Sweden, Feb. 17, 2004 (PRIMEZONE) -- Press release from Skandia and Skandia Liv Skandia and Skandia Liv have initiated talks on the handling of the matter of possible prohibited profit distribution pertaining to the asset management agreement that was entered into in early 2002 in connection with the sale by Skandia of its asset management business to Den norske Bank (DnB).
Following a review, the asset management agreement -- which wasconsidered by the companies' respective boards -- was left withoutremarks by all three of Skandia Liv's auditors as well as the FinancialSupervisory Authority. The Financial Supervisory Authority's boardreaffirmed this view as late as spring 2003. Nor has the investigationperformed for Skandia Liv by Professor Emeritus Jan Ramberg, AuthorizedPublic Accountant Ulla Nordin Buisman and Lennart Laftman been able tofind any substance to claims that Skandia has improperly benefited atthe expense of Skandia Liv. Added to this, Attorney Olof Rydbeck andAuthorized Public Accountant Goran Tidstrom, who examined thetransaction on behalf of Skandia, came to the conclusion that themanagement agreement is justifiable.
In addition to this, Skandia Liv's board has obtained a statement fromformer Minister of Justice Hans Danelius and Professor Emeritus JanRamberg. Attorney Stefan Lindskog, who was appointed by the SwedishConsumer Agency, has come to the conclusion that there are legalgrounds for Skandia Liv to direct a claim against Skandia in thiscontext. A new analysis of the matter and the previous investigationshas now been performed on behalf of Skandia Liv by Professor JanKleineman. His analysis maintains that there are legal grounds forSkandia Liv to direct claims against Skandia with respect to the assetmanagement agreement.
Against the background of these later developments, Skandia and SkandiaLiv have initiated talks on the manner in which this issue shall bestbe dealt with. The aim is to come to a resolution in the relativelynear future.
For further information, please contact: Urban Backstrom, President and CEO, Skandia Liv tel. +46-8-788 25 00 Bjorn Bjornsson, Chairman, Skandia tel. +46-8-788 25 00 Gunilla Svensson, Press Manager tel.+46-8-788 42 97
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