Maths-Olov Sundqvist | |
---|---|
Born | |
Died | September 23, 2012 61) Häggenås, Sweden | (aged
Occupation | Businessperson |
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]
Sundqvist 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]
In 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]
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