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Lindab International AB: Lindab takes firm action against internal fraud in Hungary

Lindab is conducting a full internal review in order to confirm the factual
background of internal fraudulent activities in its Hungarian business unit,
Lindab Kft.
Acting on information about wrongdoings, embezzlements and violations of
company policies that emerged at the beginning of the year, Lindab has
engaged an expert Hungarian law firm and financial advisors to work with the
review together with a dedicated internal Lindab team. The team's review of
the business activities as well as the business conduct of certain identified
key employees, is going back relatively far in time.
The review team is following up on all serious allegations of business
misconduct, embezzlement of company funds and property as well as other
illicit or illegal activities.
On 9 April the Managing Director and Country Manager of Lindab Kft, Hungary,
was dismissed with immediate effect from Lindab Kft due to the findings of
the review. On 8 May the CFO of Lindab Ktf was dismissed with immediate
effect due to further findings during the review.
It has recently come to the attention of Lindab that the dismissed former
Managing Director and Country Manager is engaged in a newly founded competing
company, Swedsteel Kft, together with other former employees of Lindab Kft.
This is in violation of his commitments to Lindab and a serious breach of
loyalty commitments including non-competition, non-solicitation and
confidentiality obligations. In order to protect its interests, Lindab has
now started initiating legal proceedings.
The current internal investigations are ongoing. As the facts become confirmed
Lindab will continue to act firmly and take available legal action to protect
its interests and to ensure compliance of the company code of ethics.

Lindab has incurred costs in the past due to the fraudulent activities that
have been exposed, however, the estimated impact on Lindab's profit going
forward is limited, apart from legal costs.

| The information here is that which Lindab International AB has willingly |
|chosen to make public or that which it is obliged to make public according to |
|the Swedish Securities Market Act and/or the Financial Instruments Trading |
|Act. |

Anders Berg, CEO

Mobile: +46 (0) 70 35 89155

Fredrik Liedholm, General Counsel

Mobile: +46 (0) 723 885 742

Lindab - A Ventilation and Building Products company:

Lindab develops, manufactures, markets and distributes products and system
solutions primarily in steel for simplified construction and improved indoor
The products are characterised by their high quality, ease of assembly, energy
efficiency, consideration towards the environment, and are delivered with
high levels of service. Altogether, this increases customer value.
The Group had sales revenue of SEK 7,003 m in 2014 and is established in 32
countries with approximately 4,600 employees. The main market is
non-residential construction, which accounts for 80 percent of sales, while
residential accounts for 20 percent of sales. During 2014, the Nordic market
accounted for 46 percent, the CEE/CIS (Central and Eastern Europe plus other
former Soviet states) for 21 percent, Western Europe for 30 percent and other
markets for 3 percent of total sales.
The share is listed on the Nasdaq OMX Nordic Exchange, Stockholm, Mid Cap. For
more information

press release


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Lindab International AB via Globenewswire


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