Lars-Eric Petersson

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Lars-Eric Petersson (born 1950) is a Swedish former chief executive of the major Swedish insurance group Skandia.^[1] He resides in Kensington in London. In May 2006 Peterson was sentenced by the Stockholm district court to two years in prison for fraud, costing his former employer SEK 150 million.^[2] The sentence was immediately appealed to the first of two possible appellate court instances.^[3]

On 19 December 2007, the Court of Appeal dismissed all charges against Lars-Eric Petersson.

The charges by the prosecutor proceeded from the prerequisite that the payments from Skandia’s bonus program, called Wealthbuilder, to the beneficiaries were limited to an amount of SEK 300 million during the time period 1 January 1998 – 31 December 1999. According to the prosecutor, Lars-Eric Petersson had, without the consent of the Board, removed the cap on the bonus programme by signing a document named Appendix 3, and thus causing payments of additionally approx. SEK 156 million to the beneficiaries.

According to the Court of Appeal, the prosecutor was not able to prove that the limitation for Wealthbuilder was still in force when Lars-Eric Petersson signed Appendix 3 in December 2000. The charges were therefore dismissed. (Translation of the press release from the Svea Court of Appeal)