Main Team CSC-Saxo Bank sponsor goes bust
The IT Factory, the main sponsor for the Team CSC-Saxo Bank cycling team has gone bankrupt and its director has disappeared.
CEO Stein Bagger has been reported missing by his wife after a combined business and holiday trip to Dubai and is now wanted by Interpol for making false signatures and fraud for at least DKK 500 million (USD 87 million).
CEO Stein Bagger made false signatures of IT Factory's chairman Asger Jensby in some contracts who requried the signature of not only the CEO but also the chairman. They found documents about some of the fraud business in an until now secret kept office room the CEO had rented at a the Schæffergården conference hotel which is the next door neighbour the IT Factory headquaters.
Asger Jensby used to be CEO for the CSC Scandinavia (the company) some years ago but decided to leave CSC in 2001. He was the one who was responsible for CSC's first sponsorship agreement with Team CSC.
In September the Danish computer magazine Computerworld gave IT Factory an award as the most succcesful Danish IT Company the past year. After that the magazine wanted to make a profile about IT Factory and write a long article about it. But this is when Computerworld figured out something very supsicious was going on at IT Factory and wrote many articles about how their financial numbers seemed very unreal and their climed customers and business partners unknown. There was a lot of stange secrets surrounding the comapny and who they manged to get their unreal high income. The CEO made a lot of empty promises to the press but in the end he would harldy asnwer them anything of what he had promised. The compnay was stated in 2003 from the ashes of the old IT Factory who went bankrupt in 2003. The only names to business parnerts and customers the CEO would give to Computerworld was two American companies, but Computerworld found out it was highly unlikely that these companies was actually using IT Factory's products at all. Competerwolrd found out they were both run by two to two Swedish businessmen who both has sentencens for business fraud in behind behind them after running a big Swedish IT company to the ground. One of the is not allowed to run a business in Sweden anymore. This is how Computerworld figured out something illegal was probably going on in IT Factory.
Riis Cycling has already received their sponsorhip money from IT Factory for the first quater of 2009.