Swedish timber trader files for bankruptcy after suspected fraud and timber theft

A Swedish timber trading company has filed for bankruptcy after uncovering suspicious financial transactions and information suggesting possible timber theft linked to former employees. Markskoningsgruppen AB submitted its own bankruptcy application to the Norrköping District Court after an internal review identified a number of transactions that raised concerns. The company said the incidents have been reported to the police and all available documentation has been handed over to investigators. According to the company, continuing operations would have risked further losses for creditors. It therefore chose to seek bankruptcy protection rather than pursue a restructuring process while the ...