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Article in GP: Medison's CEO pays no income tax

Page history last edited by PBworks 16 years, 6 months ago

Original article can be found at http://www.gp.se/gp/jsp/Crosslink.jsp?a=368358

 

 

Published: 2007-09-11 17:00
 

Medison's CEO paid no income tax

The much discussed computer company's CEO claims to be able to finance his activities until business breaks even.
 
But the CEO, holding 90 percent of the stock, paid no income taxes last year and has no taxed fortune. [Income Tax and Fortune tax records are public information in Sweden. -Transl. note]
 
- I have been living off my wife. She has supported the family. Now it's my turn, says Valdi Ivancic to TT.
He does not want to say how much himself or the four people that owns the remaining 10 percent have at stake in the company. But in total it is according to Ivancic a very modest sum in this connection - around half a million Swedish crowns [$70,000]
 
This should, apart from other expenses, be sufficient to manufacture the nearly 300,000 laptop computers that Medison claims have been ordered from the company.
 
Agreements
 

- Because we have certain agreements with those who both manufacture, assemblies and distributes we do not need to pay much more money than that, says Ivancic.

He states in other words that Medisons partners, whose identities are not revealed, are awarding the company credits. But he does not want to describe these agreements in detail. Nor does he want to tell how much Medison is paying per manufactured computer, according to himself out of concern of the manufacturer.

 

Virtual company
 
Ivancic, that is to say the CEO and majority owner of Medison, is nationally registered in Sweden. But the company itself, with the full name Medison Europe Limited, is registered in Great Britain. A headquarters does not exist.
 
- The company is virtually built, one could say. We are very few people and we are always on the road. Thus we sit down and communicate a lot through the internet and telephone, says Ivancic.
- That is to say it is difficult to say if the company exists here or there or there.
 
Recently started
 
Medison started the launch of the low priced computer this spring. But Medison Europe Limited was started as late as mid July, according to the British goverment register of companies. Accoding to Ivancic the choice of country for registration is because the suffic "Ltd" in a company name is more internationally viable than the Swedish "AB".
 
Earlier several other Medison-companies with ties to Ivancic, that were registered in Sweden, have been closed down or gone bankrupt.

The Medison CEO states he in intervals since 2004 have been living in Brazil, where he has been on parental leave but also been acting as a part owner and advisor in several companies. Nevertheless he has during the whole time remained nationally registered in Sweden.
 
In the last two public tax records, those for the years of income 2004 and 2005, he has all told declared for a income  of about 20,000 Swedish crowns [$3000]
 
TT

 

 

-translated 9/11

 

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