|
Maths O. Sundqvist
Maths-Olov Sundqvist (October 23, 1950 - September 23, 2012) was a Swedish entrepreneur and business magnate. Sundqvist was one of Sweden's wealthiest individuals; however, during the Great Recession, he was forced to sell most of his possessions at huge losses.[1] Life and careerSundqvist was born in 1950 in Offerdal in Krokom municipality in Sweden.[2] He began his business career by developing his father's bus company and finally selling it in 1979 to the municipality of Östersund for 8.7 million Swedish kronor.[3] He used the proceeds to found his personal investment company Skrindan, which grew aggressively to become a big player in real estate.[3] In 1992, he rescued the local newspaper Länstidningen in Östersund as it fell into financial difficulties. In 2002 he controlled a majority stake at the Länstidningen,[3] as well as several other local companies.[1] Sundqvist was ranked in 2007 by the Swedish business magazine the Affärsvärlden as one of Sweden's wealthiest individuals after his acquisition of large blocks of shares in a number of Swedish corporations such as Hexagon, Fabege, Industrivärden and SCA. In 2008, his total portfolio was worth 10.4 billion Swedish kronor, and his portfolio of real estate was worth 7-8 billion Swedish kronor.[4] Due to declining stock prices during the Great Recession, Sundqvist was forced to sell large blocks of shares to refinance loans. Sundqvist had more than a billion in debts at the Carnegie Investment Bank, and was a contributing factor that the bank lost its banking license and was taken over by the Swedish National Debt Office.[3] As Sundqvist was forced to sell most of his shares, he suffered huge losses.[1] DeathIn September 2012, Sundqvist was found dead next to his all-terrain vehicle near his residence in Häggenås, north of Östersund, in what was assumed to be a traffic accident. He was 61.[4] References
|
||||||||