(Bloomberg) -- Alecta, the pension fund embroiled in last year’s US banking crisis, has seen two criminal charges dropped under a corruption probe by Swedish prosecutors, according to documents seen by Bloomberg News.
The investigation concerned Alecta’s 39% stake in landlord Heimstaden Bostad AB and centered on possible charges of bribery. The probes related to individuals connected to the real estate holding and not the pension fund itself.
Johan Lindmark, a prosecutor at the National Anti-Corruption Unit in Sweden, has now closed these preliminary investigations into giving bribes, in each case saying “there is no reason to assume that crimes that fall under general prosecution have been committed,” according to the documents.
A spokesperson for Alecta declined to comment on the matter. Representatives for Heimstaden Bostad did not immediately reply to a request for comment outside of normal working hours.
Over the past 12 months, Alecta witnessed an exodus of senior executives over investment decisions that led to $3.2 billion in losses and writedowns, which stemmed from its bets on niche US lenders and the stake in Heimstaden Bostad, its largest single property holding. The fund is still being probed by Sweden’s financial watchdog and could face possible sanctions.
Alecta manages about $120 billion for a quarter of Sweden’s population.
The external case number related to the two bribery charges is 5000-K1365064-23.
(Updates with attempt to reach Heimstaden Bostad.)
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