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The software company IT Factory has gone bankrupt, and CEO Stein Bagger is wanted by Interpol for financial crime.
The business was last week elected by Ernst & Young to be one of the best creators of growth in Denmark.
The company filed for insolvency this morning, and according to the TV2 channel the CEO has disappeared during a travel to Dubai.

IT Factory's CEO defrauded the company of half a billion Danish kroner from a secret office which was only exposed yesterday. In the office were found papers which revealed that Stein Bagger had swindled with false sales orders and false serial numbers of computers executed through fictitious companies abroad.
It is estimated that over 90 per cent of IT Factory's revenue which amounted to DKK 846 million in 2007 is based on these forgeries. False leasing contracts have apparently been diverted through about 10 companies.
Chairman Asger Jensby explains that the CEO has also forged the chairman's signature, because the signatures were necessary to have the false sales contracts approved – without the board suspecting nothing.

The police has watched Stein Bagger for quite some time under suspicion for VAT fraud amounting to at least DKK 10 million, politiken.dk wrote.
Stein Bagger is now reported to the police division for economic crime, and IT Factory employees are being questioned by the police.

The IT Factory scandal is also bad news for IBM which loses a partner and maybe also money from unpaid bills.
»It is true that we have had IT Factory as partner. We follow the development closely,« IBM's press officer Carsten Grønning said.
IT Factory has regularly bought IBM's software products.

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