Volvo Cars profit on wrong roads? Owners are connected to tax havens

“Tax money can end up with the Chinese state,” MP Ola Möller (S) told SVT.

During the pandemic, Volvo Cars received half a billion kronor by the Swedish state. The first profit during the first half of the year was SEK 13 billion. Questions are now being raised about where the money has gone.

– When you have received public support, it is extra important that you are always fully transparent all the way back. Tax money that we have paid to Volvo can end up with the Chinese state, says Member of Parliament Ola Möller (S) to SVT.

Three companies in the Volvo owner Geely’s group owned via the controversial tax havens Cayman Islands and British Virgin Islands. All three companies are controlled by Geely’s and Volvo’s principal owners Li Shufu, or Eric Li as he also calls himself.

– I think it is deeply problematic that owners of Swedish companies choose to invest in tax havens, says Member of Parliament Ola Möller (S).

One of the companies concerned is Geely Automobile Holdings, which develops electric cars together with Volvo Cars and is registered in the Cayman Islands.

Member of Parliament Ola Möller (S).

– It is also problematic that it is Chinese companies where we have a doubt about who owns it in the end, says the S-member, who has previously been involved in issues of tax havens.

However, Geely Sweden’s press contact writes in an email that “we always follow the laws and regulations that apply in each market. We also have a clear and transparent process around this”.

Eric Li controls his ownership in Geely Automobile via the company Proper Glory Holding where he is the largest owner. In the annual report to Geely Automobile, it appears in one of the footnotes that Proper Glory is registered in the British Virgin Islands.

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Source: Senaste nytt från auto motor & sport by

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