After the question marks: Stock market rocket Aegirbio’s auditor is under review

Leksand extended the winning streak beat AIK

25,000 small savers were attracted to invest money in Aegirbio after news of multimillion-dollar sales of covid tests to Asia. But the success story came to an end after SVT revealed connections between Aegirbio’s partners and actors in the so-called mobile mess, and as Aegirbio’s management had to back down from their success messages, the share price has plummeted.

The management of Aegirbio delayed time and time again in informing its own shareholders – at the same time that an ownership company connected to one of the company’s founders was able to sell off its shares and earn multi-million sums.

Ronny Jansson, one of those who lost large sums in Aegirbio’s crash, reported the company’s auditor to the state Auditors Inspection, with the wish that the inspection would review whether the auditor did his job.

“The company has caused great financial losses and great suffering for thousands of private investors,” Jansson wrote in his report.

Several questions – and follow-up questions

His report has led to the Swedish Auditors’ Inspection opening a supervisory case against the auditor, who works for the audit giant KPMG and received a series of questions about his actions (see fact box).

If the Inspectorate of Auditors comes to the conclusion that the auditor mishandled his assignment, he can be reported to a supervisory board which can decide on penalties in the form of a reminder, warning or suspension of the auditor’s approval or authorization.

SVT has sought both Aegirbio’s management, who since last autumn declined to answer all questions from SVT but who previously rejected all accusations and referred any errors to their former partner company, as well as the auditor, who declined to comment with reference to his duty of confidentiality.

In December, Aegirbio was reported to the Stock Exchange’s Disciplinary Committee by Nasdaq with a request that the company be delisted from the trading venue First North.

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