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Danish pension giant CEO resigns after tax avoidance allegations


Added on 27/11/2018

Christian Hyldahl, CEO of Danish pension fund ATP, has stepped down from his role, the firm has announced, reports citywireselector.com


Commenting on his resignation, which took place over the weekend, Hyldahl said 'parts of the surroundings' that ATP depend on no longer have faith in him as CEO.


‘At the same time, there is an increasing risk that the reputation of ATP will suffer which should be avoided on any account. I would like to thank all the dedicated and skilled employees whom I have been working together with in ATP. Take good care of ATP,’ he added.


The pension fund hasn’t appointed his successor yet.


According to Bloomberg, which referenced the Borsen report, in the past Hyldahl was in charge of the unit at Nordea that tried to speculate in dividend transactions on Swiss and French stocks, taking advantage of a tax loophole.


Bloomberg also stated that Hyldahl said that transactions he oversaw weren’t illegal although wrong and he wouldn’t conduct similar trades today.


According to the third-quarter report from 2018, ATP had €104 billion under management.