KREUGER TOLL

Hokitika Guardian, 18 April 1932, Page 5

KREUGER TOLL

enormous fraud

THREE DIRECTORS ARRESTED. (United Press Association.—By Electric Teleyraph,—Copyright./ LONDON, April IG. A Stockholm cable states that the directors o. the Kreuger Toll _ have been charged with assisting Kreuger in falsiiyyiiiir the bocks. Lange', lluidt and Holm, three of the directors, are charged with the falsification of the balance-sheet <>f the profit and loss account. * In connection with the Kreuger affair it is revealed that since 1028 the Kreuger Toll issued share dobontuios exceeding 50 million sterling find the Swedish match company debentures for nearly twenty-five millions, and the International Match C<<-poratiui debentures for over twenty millions.

STATE LOSSES.

LONDON, April 16

It is expected that the Swedish income tax will he increased by at least 20 per cent, owing to the Government having losses.

It is now stated definitely that Kreuger forged Italian Treasury Bonds to the extent of sixteen millions. It has not been discovered what use lie made of them.

SOME AMAZING ACCUSATIONS. DIRECTORS ACTED AS DUMMIES. (Received this day at 9.25 a.m) STOCKHOLM, April 17. According to indictment, Lange, TTu 1 clt and Holm were merely dummy directors, performing, like automatons. Kreugcr’s behests in concerns founded solely and fraudulently for the transfer of funds. Other accusations in an amaziiirr series, alleged that '-'“lutls include bogus banks, fictitious assets, and forged documents.

Lange was a director of the Garanta Company, of Holland, based mainly on an allegedly fictitious contract, giving the company the retail sale o f matches in Poland, also the alleged bogus match monopoly with S'’ain, in return for a loan of 180 millions pesetas, found in Kreuger’s room. It is alleged that Huldt at Kreugcr's orders, founded the Dutch hank for Scandinavian trade at Amsterdam, which never did any business, but only kept fictitious books. Assets, amounting to millions, appeared on the balance sheet.

Among the fictitious assets of the Kreuger Toll, whereof Holm was director, was. allegedly, thirty-five millions of Dutch florins in 'the Danzig international bank, which Kreuger started in 1931.

TRIAL MAY PROVIDE SURPRISES. LONDON, April 17. The “Times’ ” Stockholm correspondent says that the whole fabric of the once mighty Kreuger Toll concern is irreparably torn.” It is worthless and rotten, and it is certain that when the directors are. placed on trial, more amazing revelations will he made Apparently there is scarcely genuine entry in the Kreuger account. Investigators are more and more dumbfounded as they examine the foreign transactions.”