FAQ: Intellego Technologies
– FAQ regarding recent events and trading halt.
What are the key Findings in the KPMG report?
KPMG’s report from their independent investigation concludes that the reported revenues and the stated value of the orders under review do not reflect the actual underlying business. It also states that SEK 640 million of the cumulated net sales of approx. SEK 644 million reported in the first three quarters of 2025 should not have been recognized as revenue.
“It is clear that the former CEO sidestepped all safeguards, including the board’s oversight. We were all deceived by an expert fraudster”, Greg Batcheller, chairman of the Board at Intellego, said in a comment.
KPMG’s report from the independent investigation is available at www.intellego-technologies.com together with a recording of the press briefing and presentation slides.
The board has asked KPMG to extend their investigation to go back to 2024 and earlier. A report base on the extended scope will be published at a later date. The report from KPMG on January 30 deals with transactions in 2025 only.
Why was the CEO of Intellego arrested and trading in the stock halted?
On November 18th, Claes Lindahl was arrested on request of the Swedish Economic Crime Authority on suspicion of gross fraud. The same day, Nasdaq decided to halt trading of the Intellego share on First North Growth Market.
Link: https://www.ekobrottsmyndigheten.se/en-person-begars-haktad-for-grovt-svindleri/
What action is the Board taking?
The Board’s priority is to secure shareholder value. The Board is in constant dialogue with the company’s employees and partners to secure all business obligations and key customer relations. The Board objective is for the Company to meet all requirements so that trading in the Company’s shares can be resumed.
The Board has taken numerous actions, addressing both the acute situation and longer term perspectives. The most important are:
- to remove Claes Lindahl as CEO, appoint Board member Jacob Laurin as acting CEO, and initiated a new CEO search and file a police report on Claes Lindahl to The Swedish Economic Crime Authority.
- to engage with the KPMG Forensic unit to initiate an independent forensic investigation of the Company’s affairs, using questions received from NASDAQ as the foundation. A press briefing was held on January 30th.
- to initiate the process of recovering repayment from Claes Lindahl of the bonus that was paid on November 11 and 12, 2025
- to call for an extra general meeting of shareholders to be held on 23 February 2026 in Stockholm.
- to provide assurances and information to the Company’s key customers and partners, and ask them to participate in ongoing investigations if requested.
- to conduct a comprehensive review of the company’s business strategy, guided by a focus on core operations, cost control, organizational structure and management functions.
- to assess our subsidiary Daro and its future in the Intellego group and ways to grow its business beyond the UK and into new areas of UV technology.
- to review our UV equipment business to get a better understanding of its strategic value and how best to take it forward.
The Board will present a business overview and outlook for 2026 with the full year report on the 20th of February 2026
Link: https://intellego-technologies.com/mfn_news/update-from-intellego/
What happens now?
On February 20th, the board will present the company’s full year restated accounts for 2025. We will also present a business plan for 2026 and onwards in connection in this context.
On February 23rd an extraordinary general meeting will be held, and a new board elected.
When is trading in the Intellego Stock expected to be resumed?
Nasdaq has decided to refer the matter to its Disciplinary Committee with a request to delist Intellego. The board tries to convince NASDAQ that the massive fraud on the company and its stakeholders should not be used to further punish its shareholders by a delisting. The board hopes for resumed trading when all relevant information is out in the marketplace.
The board is also exploring alternative trading platforms.
Is there a viable business in Intellego?
There is a viable business, both in the parent company and in the subsidiary Daro with around 50 people and generates over 80 million SEK in annual revenues.
The company has a technology, and products built around that technology, which are recognized by customers and others in this market niche that are world-leading.
Since the former CEO was arrested, the board has been in dialogue with collaboration partners in Europe, the US and Asia. It is the board’s assessment that over the next few years the UV disinfection industry will deliver on its potential, and that partners and customers recognize the competitiveness and commercial potential of our technology and products. The board is hopeful that they will continue to do business with Intellego.
The Board intends to provide a business overview and outlook with the full year report for 2025, on February 20th.
How is Intellego affected by HAI Solutions’ FDA approval for QIKcap?
QIKCAP is based on HAI Solutions’ patented technology, in which Intellego’s photochromic indicator technology constitutes an integrated and essential part of the now approved product. Intellego holds an ownership interest of approximately 10.5 percent in HAIS and, in addition, has exclusive rights to sell QIKCAP in the Chinese market. Intellego is also entitled to license revenues from global sales of the product.
For Intellego, the sale of QIKcap means two possible revenue streams:
- License revenue from HAIS. QIKcap is based on Intellego’s photochromic indicator technology. HAI pays us license revenue for using that technology
- Sales revenue from China. Intellego has exclusive rights to sell QIKcap in the Chinese market. With the FDA decision, the possibilities for a rapid approval in China also increase.
Intellego owns approximately 10.5 percent of the shares in HAIS.
Will the composition of the Board change?
The shareholders in Intellego Technologies are convened to an extraordinary general meeting to be held on 23 February 2026. According to the notice, it is proposed that the Board of directors shall consist of four ordinary Board members.
Shareholders are encouraged to bring their suggestions to the Nomination Committee as soon as possible.
Proposals for Board members as well as proposals for the chair of the Board of directors will be presented before or at the extraordinary general meeting.
What is the company’s current cash position?
The company’s total cash on hand as at January 15 amounted to approx. SEK 46 million, excluding funds that are frozen.
Is Intellego able to meet its financial obligations?
Yes. The company is financially stable
When will restated financial statements be presented?
The Board plans to present revised financial reports no later than in connection with the year-end report on 20 February 2026.
Ekobrottsmyndigheten has notified one Board member of suspicion of aggravated market manipulation and aggravated fraud. Is the Board operational?
Yes. Johan Möllerström refrains from participating in decision-making as a member of the Board of Directors of Intellego. The remaining Board members ensure that Intellego’s operations and corporate governance are maintained.
Why has the Intellego Board filed a police report on the former CEO?
The Board considers it a duty to report its suspicions of fraud and forgery to the authorities. The KPMG report substantiates these suspicions.
Länk: https://intellego-technologies.com/mfn_news/intellego-files-a-police-report-on-former-ceo/
Why has SEK/EKN filed a police report?
It is evident that SEK/EKN have reason to believe that Intellego’s former CEO has acted fraudulently. Due to the confidentiality of the ongoing preliminary investigation, SEK and EKN have not provided further details on the matter.
How does SEK’s lawsuit affect Intellego’s financial position?
The statement of claim is a step toward lifting parts of the attachment that the district court ordered in November.
Lifting the attachment and reimbursing SEK will not affect the company’s current financial position.
The company will present its full year report 2025 on February 20th.
Why does Deloitte intend to file a police report?
Deloitte says that as part of the ongoing audit for the financial year 2025, they have found suspicion of accounting fraud which the auditor is obliged to report to the prosecutor. The Board of Intellego welcomes the report from Deloitte, and the contributions it gives to the ongoing legal proceedings headed by Ekobrottsmyndigheten.