February 18, 202612:58 PM GMT+5Updated 38 mins ago
COPENHAGEN, Feb 18 (Reuters) – Sweden’s financial regulator said on Wednesday it had imposed a sanction fee of 80 million Swedish crowns ($8.9 million) on real estate group SBB (SBBb.ST), opens new tab for violations of accounting rules on how consolidated financial statements should be prepared.
The Financial Supervisory Authority (FI) in a statement said SBB in its 2021 financial report had not reported certain properties at their fair values, and had treated two acquisitions incorrectly.
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SBB did not immediately reply to a request for comment.
As a result of the errors, SBB’s reported earnings for the year were 3.6 billion Swedish crowns higher than they should have been, and the group’s stated financial position was incorrect, the regulator said.
“It is fundamental that consolidated accounts give a fair picture, otherwise there is a risk of jeopardising confidence in both the stock and bond markets,” FI Director General Johan Almenberg said in the statement.
($1 = 8.9764 Swedish crowns)
Reporting by Stine Jacobsen, editing by Louise Rasmussen and Terje Solsvik
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