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https://nordictimes.com/the-nordics/sweden/swedish-oligarch-family-wallenberg-expands-influence-as-sixth-generation-joins-key-boards/

Sweden

Swedish oligarch family Wallenberg expands influence as sixth generation joins key boards

Published 14 March 2025
– By Editorial Staff
Fred and Jacob Jr Wallenberg take seats in Investor and EQT AB respectively.
Editorial Staff
editorial@nordictimes.com

The driving forces of the Wallenberg empire are approaching their 70s and now the oligarch family is accelerating the generational change.

Six “new” Wallenberg members are proposed to join the family’s corporate boards and another “10 or so other members of the sixth generation” have already started to get involved in Wallenberg companies and foundations.

Often described as Sweden’s most influential financial family, Wallenberg’s banking and industrial empire is said to control around one-third of Sweden’s total GDP, and they control or have stakes in Investor, SEB, Ericsson, Saab, Electrolux, ABB, Astra Zeneca and Atlas Copco. They also have an international political profile, including in the globalist power network Bilderberg Group.

The family patriarch, Peter Wallenberg, died in 2015 at the age of 89. Since then, his sons Jacob and Peter Jr have ruled the empire together with his cousin Marcus Wallenberg. They too are now getting on in years and are all of retirement age. To retain power within the family, a generational change has now been initiated, where it is time for younger family members to take their place on the boards of the Wallenberg sphere.

“The starting point for the succession work is a desire to give the sixth generation the opportunity to get involved in activities that have close ties to the family. The succession work has been going on for more than 10 years and we have continuously and increasingly tried to be open about the driving forces behind this work and the principles on which it has been conducted”, they write in a press release.

“The sixth generation comprises around 30 individuals and most of them have expressed a desire to contribute to the family’s work in some form. The age range is large, which means that the changes that are now taking place are part of an ongoing process, and not a decision about who will be able to hold positions of importance to the family over time. A number of family members are still under 25, and the number of individuals in the seventh generation is growing”.

“Long-term work”

For 2025, it is therefore initially proposed that six younger Wallenberg members take up senior positions on the family boards:

  • Stéphanie Gandet – proposed board member of the Knut and Alice Wallenberg Foundation
  • Siri Sachs – proposed board member of Wallenberg Investments AB
  • Tessa Pilkington – proposed board member of Nineteen Private Capital AB
  • Fred Wallenberg – proposed board member of Investor AB
  • Jacob Wallenberg Jr – proposed board member of EQT AB
  • Elsa Wallenberg Esser – will start working at the Wallenberg Foundations

It also states that “some 10 other members of the sixth generation” are already involved in activities related to the family’s companies and foundations.

“We are grateful that many of the sixth generation want to get involved in activities linked to the family – in the business, the foundations and the family work. This is a long-term endeavor where we look forward to more people being given the opportunity to learn, develop and contribute”, comment Jacob, Marcus and Peter Wallenberg.

Editorial Staff
editorial@nordictimes.com

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https://nordictimes.com/the-nordics/sweden/swedish-professor-reasonable-for-future-generations-to-pay-for-the-rearmament/

Sweden

Swedish professor: Reasonable for future generations to pay for the rearmament

Sweden-NATO-relationship

Published today 14:18
– By Editorial Staff
Daniel Waldenström thinks it is right that taxes should be raised for future generations to finance today's build up.
Editorial Staff
editorial@nordictimes.com

Swedish leaders have decided to borrow €27.5 billion for a major military investment that Ulf Kristersson describes as the “biggest rearmament since the Cold War“.

Daniel Waldenström is a professor of economics, and he thinks it is perfectly reasonable that future generations of Swedes will have to pay for the current governments project.

The Moderate-led government has announced that Sweden will spend 3.5 percent of GDP on defense – compared to the current 2.4 percent. To achieve this, they intend to borrow the equivalent of €4,600 per Swede of working age – a total of €27.5 billion.

Waldenström, who works at the Institute for Business Research, does not think the sum is anything to argue about – and points out that during the Second World War, Sweden went from spending 2% to 10% of GDP on defense in a single year.

He acknowledges, however, that the military effort will mean cuts in several areas.

– It means that we will have to reprioritize our spending. We will have to cut back on some things and give more priority to civilian and military preparedness and war capacity. This will mean reducing or eliminating some spending, otherwise we cannot afford it.

“Will take a bigger hit”

The fact that the huge investment is financed with borrowed money is not strange but fully justified, as long as you have a clear plan about what you need to borrow for.

– Only after we say, ‘this is how much money we will need for this expenditure’. Instead of starting by collecting money and putting it in a bag for unclear purposes and then risking that politicians will be able to ‘draw’ from this bag for lots of things that we had not intended. I would say that is a risk in such cases that we can avoid.

Since the money will be paid back with interest in the future, taxes will also have to be raised in the future, and Waldenström is clear that future generations of Swedes will be forced to finance the decisions made today.

– It’s clear that future generations will have to take a bigger hit than if we were to just go on this year’s budget. But it also seems reasonable that future generations should help finance reconstruction because it will also benefit them.

– It’s simply that they will have to pay a bit more tax as a result of this. They will have to pay taxes to finance our repayment of these loans, concludes the professor.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/the-nordics/sweden/swedish-hospital-director-sentenced-to-prison-for-bribery/

Sweden

Swedish hospital director sentenced to prison for bribery

The corruption in Sweden

Published today 7:27
– By Editorial Staff
Large sums have been deposited in Adel Shalabi's private accounts in connection with purchases for the hospital.
Editorial Staff
editorial@nordictimes.com

Adel Shalabi, former director at Uppsala University Hospital, has been sentenced by the Svea Court of Appeal to 4.5 years in prison for corruption offenses.

In his professional role, Shalabi accepted roughly €425,000 in bribes from companies linked to former colleagues and the pharmaceutical and medical technology industries.

In late 2023, seven individuals, including Shalabi, were charged with bribery at Attunda District Court. The investigation revealed he had received a total of €425,000 from five companies, two of which were owned by former colleagues, while the others operated in the pharmaceutical and medical technology sectors.

It was discovered that tens of thousands of euros had been deposited in the hospital director’s private account in connection with the purchase of X-ray equipment by Uppsala University Hospital – and when the police began investigating Shalabi’s activities, they found a large number of additional suspicious transactions.

In the district court, he was sentenced to four years in prison for several counts of aggravated bribery – and six other people received shorter sentences for bribing the doctor.

“Abused his position of trust”

The Court of Appeal has now increased the sentence to 4.5 years’ imprisonment and found that Shalabi should be sentenced for several aggravated bribery offenses, aggravated breach of trust, aggravated fraud and aggravated accounting offenses. It is also noted that the corruption was systematic and that the chief physician was the driving force.

– In sentencing, the Court of Appeal has taken into account that the head of the practice has abused his position of trust and has been a driving force in the crime. Something that has also been important in this context is that the crime has been characterized by being systematic and directed against public and tax-funded activities, explains the Court of Appeal’s counsel Johan Klefbäck.

The sentence for the owner of a pharmaceutical company that sold medicine to the hospital is also increased – he is sentenced to one year and two months in prison instead of a suspended sentence and a fine.

Another person was sentenced to a shorter prison term for aggravated bribery, and three of the other people involved in the corruption scandal got off with suspended sentences and fines. Two of those convicted are former executives of major companies Canon Medical Systems and Siemens Healthcare.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/the-nordics/sweden/swedish-government-borrows-billions-for-biggest-military-buildup-since-cold-war/

Sweden

Swedish government borrows billions for biggest military buildup since Cold War

Sweden-NATO-relationship

Published yesterday 14:35
– By Editorial Staff
The leaders of the governing coalition parties during Wednesday's press conference.
Editorial Staff
editorial@nordictimes.com

The Moderate-led government and the Swedish Social Democratic Party have agreed to borrow about €4,600 per Swede of working age for Sweden’s military rearmament – a total of €27.5 billion.

– This will be the biggest rearmament since the Cold War, declares Ulf Kristersson (M).

During a press conference, the leaders of the coalition parties stated that Sweden will spend 3.5% of GDP on the military by 2030 – compared to 2.4% today.

To reach this goal, the Swedish Armed Forces will receive an additional SEK 300 billion (€27.5 billion) – and the investment will be financed through loans.

– It’s about a loan-financed defense investment from this year through 2030 until 2035 that could amount to a total of about SEK 300 billion, confirms Ulf Kristersson.

– A European NATO that reaches 3.5% will be much, much stronger than we are today, the Prime Minister further claims.

More money for Kiev

The money will be used, among other things, to buy military equipment for the Swedish army – but there is also a promise to further increase military aid to Ukraine.

A decision has already been taken to provide Kiev with weapons and other support worth €2.3 billion annually until 2026 – but now the Swedish government wants to use next year’s allocation already this year and add another €1.85 billion.

– We need to do what we can here and now to further strengthen Ukraine’s defense capabilities, says Johan Pehrson (L), Minister of Education.

NATO currently requires member states to spend at least 2% of GDP on their defense – but that requirement is expected to be raised already this summer to somewhere between 3% and 5%, according to analysts.

The background to this is that the Trump administration wants Europe to take greater financial responsibility for the costs of the military pact. The US has also announced its intention to reduce its military presence on the continent, while Russia is increasingly identified by EU leaders as an urgent military threat that Europe must be ready to fight.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/the-nordics/sweden/swedish-police-municipalities-should-be-required-to-report-corruption/

Sweden

Swedish police: Municipalities should be required to report corruption

The corruption in Sweden

Published yesterday 11:07
– By Editorial Staff
NKG's Natali Engstram Phalén believes that changing the legislation would send a clear signal - and have a crime-preventing effect.
Editorial Staff
editorial@nordictimes.com

Corruption in Swedish municipalities and regions is considered to be widespread – but many corruption crimes are never discovered.</strong

Now the police’s National Anti-Corruption Group (NKG) wants to see a change in the law that makes it mandatory for municipalities and regions to report all suspected cases of corruption to the police.

In government operations, managers must currently report all suspicions of corruption-related crime to the police – but this requirement does not currently exist for either municipalities or regions, which means that the police are not aware of the crime, and thus cannot investigate it.

– It is important to receive reports of suspected corruption from the entire public sector. Today, we estimate that there is a large number of unreported cases in both municipal and regional activities, says Natali Engstam Phalén, a lawyer at the national anti-corruption group.

NKG points out that most of the public sector’s corruption-sensitive activities are found in the municipalities and regions, and it can, for example, be about grants being paid out even though the recipient is not entitled to the money, or that permits and public procurement are granted on the wrong grounds.

The healthcare sector is identified as particularly susceptible to corruption, and the police point out that organized crime is keen to take over all activities that can feed the criminal economy.

Employees are bought out

– It is important that the same rules apply to the entire public sector in terms of how to deal with corruption offenses. It is not reasonable that municipalities and regions do not report all suspicions of corruption to the police. The damage caused by corruption is the same whether it occurs in local, regional or central government. Ultimately, it is about the public’s confidence in public activities and how taxpayers’ money is spent, continues Engstam Phalén.

It notes that between 2023 and 2024, only 107 corruption offenses were reported to the NCG – and that only 15 of these came from Swedish municipalities and regions.

– This is worrying given that so many corruption-sensitive activities are carried out at municipal and regional level. Often, suspicions of corruption are dealt with under labor law by buying out employees. The risk is then that the person can continue their criminality in other public workplaces, the lawyer notes.

The group now wants to see a change in the law whereby those responsible at Sweden’s municipalities and regions are obliged to report all suspected corruption – and it believes that legislators should be able to use the regulations that already exist and apply to government activities.

– This would send a clear signal about the importance of vigorously fighting corruption across the public sector. We also believe that it would have a crime-preventing effect while bringing more people to justice, concludes Natali Engstram Phalén.

Editorial Staff
editorial@nordictimes.com

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