Vattenfall bosses in 90 million kronor pay offs

Swedish state-owned energy utility Vattenfall has paid out more than 90 million kronor ($14 million) in severance pay over a four year period to three German executives, reported the Sydsvenskan daily.

The news comes as the former CEO of state-owned energy utility Vattenfall has had to pay back nearly 6 million kronor in severance pay he received. And the Swedish government has fired a Vattenfall chairperson for an improper severance pay deal he made with the former CEO.

In an investigation into the company’s annual report, Sydsvenskan discovered that a chief financial officer in Germany had received 21.5 million for two years of work. In addition, a deputy CEO took home 49.5 million kronor, and his successor, who held the position for five months, received 20.9 million kronor in severance pay.

The Swedish government recently fired Vattenfall chairperson Lars Westerberg as a result of erroneous pensions payment to the former CEO Lars G. Josefsson.

Josefsson received a 12 million kronor golden parachute payment after a secret agreement was reached. He has since had to pay back nearly 6 million kronor.

Sweden’s National Anti-Corruption Unit (Riksenheten mot korruption) has also begun to investigate the possibility of opening up a corruption case against Vattenfall.

Member comments

Become a Member to leave a comment.Or login here.