Swedish furniture group Ikea, whose flatpack furniture has gained an international market, is investigating allegations that payments it made in the 1980s were used to fund Romania’s communist-era secret police.
said that it had seen declassified documents from the National College for Studying the Securitate Archives (CNSAS) in Bucharest reportedly showing that Ikea paid over the odds for products made in Romania, with a number of overpayments directed to an account managed by the Securitate, dictator Nicolae Ceausescu’s notorious secret police agency.
The documents suggest Ikea was complicit in the arrangement. The Swedish group has denied complicity, but launched an internal investigation into the issue and said it was unaware of the Securitate’s involvement in its commercial operations.
“We’re looking to see if there is any basis for these claims and if so, what the reason could be,” company spokeswoman Josefin Thorell was quoted as saying by the
Wall Street Journal
report suggests that the Securitate ‘skimmed money’ off a deal involving unorthodox financial arrangements that Ikea had in place with state-run timber firm Tehnoforestexport in the 1980s. “From what we can tell today, we can’t see that we’ve had any dealings with the secret police whatsoever. Our only point of contact was Technoforest,” Thorell said.
In today’s digitally connected world, infinite quantities of data are produced by consumers daily at a mind-boggling pace and volume. With under three months left to prepare, here are four areas for businesses to consider, to make sure they are ready for GDPR implementation.
Cash-flow based metrics now feature prominently alongside traditional revenue measures of business performance in the key figures or financial summary pages of any public company.
GTNews asks Pugsley about what advice she would give to treasurers dealing with mergers and acquisitions, what the key challenges for her year ahead will be and how she is selecting a treasury management system (TMS).
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.