The Ongoing Saga Of IT Factory: Danish Tech Company goes bankrupt, CEO suspected of fraud
Tags: News
It has been reported in Danish news that IT Factory has declared bankruptcy and its chief executive is suspected of fraud.
IT Factory's chief executive, Stein Bagger, is being sought by Interpol in a 500 million kroner ($85 million) fraud investigation.
IT Factory has planned a news conference later Monday.
Some interesting commentary popped up in a Google search. I don't read or speak Danish but some words translate easily, such as pyskopat and svindler. The guy has apparently ditched his wife in Dubai and left his family behind in Denmark. ITF seems to attract morally bankrupt executives, from what I've witnessed over the last 8 or so years. I met Stein Bagger in passing in 2001, just before he and the other honchos of ITF drove the company (including ours) into the ground the first time. I believe this is Round 3 for ITF. We'll see how long it takes for ITF to bounce back, for the fourth time. Maybe the F in ITF really stands for Feline and this company has six more lives to go. This story would be unbelievable except that I've been witness to it all. - Maggie
It has been reported in Danish news that IT Factory has declared bankruptcy and its chief executive is suspected of fraud.
IT Factory's chief executive, Stein Bagger, is being sought by Interpol in a 500 million kroner ($85 million) fraud investigation.
IT Factory has planned a news conference later Monday.
Some interesting commentary popped up in a Google search. I don't read or speak Danish but some words translate easily, such as pyskopat and svindler. The guy has apparently ditched his wife in Dubai and left his family behind in Denmark. ITF seems to attract morally bankrupt executives, from what I've witnessed over the last 8 or so years. I met Stein Bagger in passing in 2001, just before he and the other honchos of ITF drove the company (including ours) into the ground the first time. I believe this is Round 3 for ITF. We'll see how long it takes for ITF to bounce back, for the fourth time. Maybe the F in ITF really stands for Feline and this company has six more lives to go. This story would be unbelievable except that I've been witness to it all. - Maggie
More on Stein Bagger and the most recent demise of IT Factory. http://www.techcrunch.com/2008/12/02/the-extraordinary-rise-and-fall-of-denmarks-it-factory/