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Banks tangled up in bankrupt company

Team CSC-Saxo Bank is not the only casualty of the IT Factory collapse - Danske Bank and Nordea have also lost money.

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The CEO of the IT Factory Stein Bagger has disappeared, leaving a bankrupt company with no money, an international cycling team without its main sponsor and two major banks with millions of kroner down a bottomless pit.

According to DR Nyheder one of the companies out on a limb is Danske Leasing - which is owned by Danske Bank - and another is Nordea Finans owned by Nordea Bank.

Leasing circus

According to DR Nyheder, Stein Bagger Danske Leasing owes vast sums after an extensive con trick. Bagger is alleged to have built up a leasing circus designed to show major turnover and profits in the IT Factory - but which, in fact, had no base in any real assets.

Forged leasing agreements with Board Chairman Asger Jensby's signature have been produced as well as orders which must be false, as the products they name do not actually exist.

In one example, a partner sells hardware for a hosting centre to the IT Factory. Funds for the purchase are borrowed through a leasing company, which pays out DKK 51 million to be paid over 36 months. The partner then buys licenses from the IT Factory, ensuring a good turnover.

The leasing roulette provides a large flow of funds and the ability to pay leasing companies back - for a time.

The merry-go-round appears to have been almost the entire turnover of the IT Factory, with some DKK 500 million having disappeared.

Nothing has been heard from the IT Factory CEO Stein Bagger since he disappeared on November 27 in Dubai.

"We're very worried and afraid something has happened to him," his family writes in an email to Ritzau.

Bagger is being sought by Interpol after being reported missing by his wife and has been reported to the police for fraudulent dealings.

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