STOCKHOLM, Sweden, Feb. 1, 2005 (PRIMEZONE) -- At Skandia's Annual General Meeting on 15 April 2004, the Board of Directors and President were not granted discharge from liability for the period 1 January -- 15 April 2003. As a result of the AGM's decision, Skandia's board commissioned attorneys Peter Danowsky and Otto Rydbeck to each give their individual recommendations to the Board regarding which legal measures that the decision to not grant discharge from liability could give rise to. The Board also assigned Danowsky and Rydbeck to determine if there is reason with respect to previous periods to demand liability for damages from the former board, CEO and auditors. The limitation period for the ability to take legal action for such liability has already expired for 2000 and earlier.
The investigation performed to date of the course of events has prompted Skandia to inform Lars Ramqvist that suit would be filed against him. Settlement negotiations were carried out thereafter. These have resulted in an agreement that will be submitted to the Annual General Meeting on 14 April 2005 for approval. The content of the agreement is discussed in another press release issued today.
Regarding any liability for damages for other directors than Lars Ramqvist and Lars-Eric Petersson, the legal investigation carried out to date indicates that the prospects for success in such processes are very small. Skandia's board has therefore chosen to not take any other action against former company directors than that pertaining to Lars Ramqvist. With respect to former CEO Lars-Eric Petersson, arbitration proceedings are currently in progress, and that process is continuing as planned.
The Board's deliberations on this matter will be reported in more detail at the Annual General Meeting on 14 April 2005.
The issue of liability for damages for Skandia's former auditors is being further investigated. Attorney Peter Danowsky is heading the investigation of the Board's and auditors' liability. A suit demanding damages against Skandia's former auditors would require a decision by the Annual General Meeting. The Board will report on its opinion on this matter well in advance of the Annual General Meeting on 14 April 2005.
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-0- For further information, please contact: Bjorn Bjornsson, Vice Chairman Skandia tel.+46-8-788 25 00