COPENHAGEN (Reuters) – Pressure is mounting on the chief executive of Denmark’s largest pension fund ATP to step down as a unit of bank Nordea that he ran has been criticized for its tax policies.
Five political parties, representing 43 percent of the seats in the parliament and including two of the coalition government’s three parties, have said they do not think Christian Hyldahl is the right person to head the pension fund.
ATP - Europe - Pension - Fund - Assets
ATP is Europe’s fourth largest pension fund with assets worth around $120 billion under management and handles mandatory pensions for more than five million Danes.
The focus on tax treatment has intensified in Denmark in the wake of a money laundering scandal involving its largest lender Danske Bank and a wider European dividend stripping scandal.
Time - Mindset - Business - Opportunity - Hyldahl
“At the time, the mindset was that it was a legitimate business opportunity,” Hyldahl said of trading schemes that for example involved buying shares in Swiss francs from Swiss investors shortly before the annual dividend was paid out, and selling them back shortly after.
Under a tax agreement between Denmark and Switzerland the unit Hyldahl headed was able to get the divided tax it had paid refunded,...
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