Train Alliance Sweden (TRAIN) Investor presentation summary

Background and scope

• An independent investigation was initiated after a police report was filed by the largest shareholder regarding suspected forged lease agreements used in property transactions.

• The investigation focused on specific properties and included analysis of accounting records, contracts, digital information, and interviews.

• Collaboration between the company and the investigative team was ongoing, with full cooperation reported.

Key findings and events

• Fabricated lease agreements were identified in four out of five major property transactions between the company and its largest shareholder.

• Fake contracts were signed by fictitious individuals linked to a former board member.

• Discrepancies in lease terms and annual rents were found, with fabricated durations and amounts.

• The former board member acted without legal counsel and did not inform the company about the true nature of the transactions.

Governance and control issues

• Significant deficiencies in internal governance and control contributed to the irregularities.

• The board and CEO lacked sufficient insight into financial operations, and defined roles were not followed in practice.

• The former board member managed key business activities and financial records independently, bypassing oversight.