The massive loss at Sundsvall Logistikpark AB has severely impacted Stadsbacken, the municipal parent company. Stadsbacken's normal annual surplus is 130-160 million SEK, according to the company's own figures. The municipality invested 760 million SEK in the logistics park project, but its current market value is only 150 million SEK, according to multiple reports.
Governance failures have compounded the financial troubles. KPMG's auditors issued a qualified audit opinion for the companies' annual reports last year. According to SVT Västernorrland, Peter Öhman, professor of business administration at Mid Sweden University, said the qualified opinion contributed to the Economic Crime Authority launching an investigation. The municipal leadership chose to trust the companies' boards and management instead of the auditors. Several people in the companies who were trusted are now under investigation for economic crimes. According to SVT Västernorrland, Öhman described the decision to ignore the auditors in March 2025 as a turn that no one was prepared for.
A turn that no one was prepared for.
The logistics park currently has minimal revenues, covering only half of its annual costs, and future income is now considered uncertain. The shareholder contribution of 280 million SEK must be repaid when the park has the financial means, but the timeline is unclear. Other subsidiaries like Mitthem, SKIFU, and Sundsvall Energi have positive figures and will support the municipal group. The municipal council will meet on April 27 to decide on last year's figures for the municipal companies and debate the scandals.
This qualified audit opinion strongly contributed to the Economic Crime Authority starting its investigation.
That is difficult to understand, the praxis is to have a discussion to see how you can meet to avoid a qualified audit opinion.