SWEDEN- Ingvar Skeberg, former executive vice president at Swedish pension provider AMF is no longer at the firm after he admitted to moving his capital out of the traditional insurance plan ahead of pension dividend cuts.
It is not known how much Skeberg transferred but Sandell said he moved his funds from one AMF account to another.
In February the firm said it would cut discretionary pension payments by 8%.
Chief executive Ingrid Bonde said Skeberg's actions were not illegal but that "it is impossible for me to accept and defend this type of behaviour." She said it goes against AMF's principle of "equality for all."
Over the weekend, the firm held an emergency board meeting to discuss bonus payments after the a local paper reported the firm had issued over SEK1m in bonuses despite negative returns in 2008. Executives decided to return their payments.
After the meeting, the firm decided to expedite an internal review to ensure there were no other issues that could negatively impact the firm, said Sandell.
Bonde added: "The moral compass needs to be clear."
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