Mikael Ljungman - IT Factory

IT Factory

In December 2008, it was reported that Ljungman had business with bankrupt Danish company IT Factory. Ljungman told the press that he lent his car to Stein Bagger, who had arrived in Connecticut before it was known that Bagger was missing and later became wanted for questioning as a suspect by Danish authorities investigating the bankruptcy. Bagger used Ljungman's car, and may have used his credit card, to drive to Los Angeles, where he surrendered to police. On January 9, 2009, the Deputy Attorney in charge of fraud cases in Denmark announced that they want to question Mikael Ljungman. Danish media has claimed that the Swedish police have found false leasing contract related to IT Factory and Xiop, a Swedish company where Ljungman earlier worked as Business Developer. This specific claim was denied by the Swedish prosecutor Yngve Rydberg. Yngve Rydberg also said at the time there was no suspicion of Ljungman being involved in the crimes being investigated in Sweden. Ljungman was later convicted of involvement in the fraud in Denmark, having been named as an accomplice by Stein Bagger on the first day of his trial. Ljungman still denies any involvement in Stein Baggers fraud, and is appealing his six-year sentence. Ljungman claimed he was interested in IT Factory technology PaaS, as he, with the company Media Powers tried to buy it out of the liquidated company. The software was sold to a German company.