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July 17, 2016

This is a re-posting. The item below was posted for the first time at this blog on March 10, 2016.

In February Danish executive daily Børsen revealed, that the hastily growing LED-company Hesalight was hunting for money.
Later on, billion groups like Arla, Novo Nordisk and Maersk stated, that they felt abused by Hesalight, that in sales literature for investors named them as key customers. However this was refused flatly by the great companies.
Danske Capital that owns Hesalight-bonds for around 50 million DKK was worried, because the alleged customers renounced allegiance to the LED-company and Danske Capital asked for an explanation. Following this development Hesalight arranged a meeting with their investors.
However, dubious news about Hesalight continues to emerge. On March 7 Børsen reported, that Hesalight in 2010 borrowed money from the investment company Ceca Formueinvest and its owner, businessman Per Nørgaard, who later was imprisoned for breach of trust. Hesalight borrowed money from Ceca Formueinvest, although Danish Shareholders Association only months in advance had issued a warning about Ceca Formueinvest.
Furthermore Danish FSA had withdrawn Ceca Formueinvest’s permission to conduct financial business.
“The loan was a test we made, because Per Nørgaard wanted to be joint owner in Hesalight. He was very active and made a great many investments”, says Lars Nørholt, owner and CEO at Hesalight.
An assessment note from December 31, 2010 that Børsen has been able to read via the Danish freedom of information act reveals, that Per Nørgaard lend out 225,000 DKK to Hesalight, that was struggling to get its LED-solutions out to customers at new markets.
In spite of the warnings against Ceca Formueinvest there existed at the same time an agreement, that Ceca Formueinvest should buy into Hesalight.
However all this came to nothing, when in February 2011 Ceca Formueinvest went bankrupt and Per Nørgaard was reported to the police for falsification of documents.
“We paid the loan back to Per Nørgaard, when the company went bankrupt,” says CEO at Hesalight Lars Nørholt.
But that is not the whole truth about the rupture between Per Nørgaard and Hesalight.
For unknown reasons the LED-lamp company did not wish to pay back the loan, and for this reason the company was summoned by the bankruptcy estate of Ceca Formueinvest. This is confirmed by lawyer Boris Frederiksen, who was the curator of the case.
“There has been a court case, where Ceca Formueinvest summoned Hesalight, because initially they did not want to pay back the amount of money. However Hesalight payed its debt in 2013, when a settlement was made,“ Boris Frederiksen says to Danish executive daily Børsen.


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