Invaluable cannot guarantee the accuracy of translations through Google Translate and disclaims any responsibility for inaccurate translations.
Lot 1353: KREUGER & TOLL, AB
29 October 2016
Brussels, BelgiumLive Auction
Description: 15 June 1927 STOCKHOLM. 1 "B" Share of 100 Sw. Crowns. green, black. No 495174. Ivar Kreuger was known as the Match King. He is also known to financial historians as author of one of the greatest of frauds. From the match factory which he inherited from his father Ernst Kreuger, he built up a giant business, reaching too many parts of the world; this was based on exclusive monopolies for matches, which he had arranged in various countries. During the 1920s Kreuger lent large sums of money to poor countries in central Europe. These came, apparently, from the large profits earned by the Kreuger business. In fact Kreuger had to borrow much or all of this money. In one case the security consisted of a quantity of Italian state bonds and promissory notes totaling 142 million dollars. They were all forged by Kreuger. He committed suicide in Paris in 1932, and only afterwards did it became clear how large the fraud was. The company was liquidated in 1932. The shares were worthless, and the bondholders received various small sums as assets were realised. Unusually, this share is personally signed by his father, Ernst Kreuger (1852-1946) as one of the company directors. He had started his match business in Kalmar, in the southeast of Sweden.
Condition Report: VF-EF