(Bloomberg) -- SBB, the company at the center of Sweden’s property crisis, has seen its second largest shareholder leave the board of directors, a day after another board member resigned for health reasons.
Samhallsbyggnadsbolaget i Norden AB — as the firm is officially known — said Fredrik Svensson left the board due to “time constraints,” according to a statement late on Thursday. His decision follows this week’s resignation of board member Eva Swartz Grimaldi.
Svensson, who represented Arvid Svensson Invest AB on the board, said his confidence in SBB and its strategy “remains strong.”
Arvid Svensson Invest is the largest owner after founder Ilija Batljan, who was ousted as chief executive officer in June amid a spate of credit ratings downgrades and concerns over the landlord’s ability to repay its debts. Svensson’s investment firm holds 4% of the shares and 13% of the votes, according to SBB’s website.
Leif West, chairman of SBB’s Nomination Committee, said the committee has “already begun examining how it can support the Board of Directors given the current situation the company finds itself in.”
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