Scandinavia Isn't So Perfect: Bankruptcies Double As Denmark Targets Fraudulent Enterprises

Corporate bankruptcies more than doubled last month in Denmark after authorities forced the closure of businesses that failed to identify their real owners. The development comes as Denmark cracks down on companies that don’t identify who owns them, and coincides with intensified efforts to fight tax evasion and money laundering. The campaign to go after shell companies is required by European regulations. Bankruptcies climbed to 966 in April from 441 a year earlier, according to Statistics Denmark. Less than a fourth of those shuttered were active businesses, the statistics agency said in a statement on Monday. Of the 966 companies, just 214 had employees or a turnover of more than 1 million kroner ($150,000), accounting for 97 percent of lost turnover and jobs. 

https://www.bloomberg.com/news/articles/2019-05-06/bankruptcies-double-as-denmark-targets-fraudulent-enterprises

 

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Follow the money...

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Something is rotten there in the state?😁

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Transparency International’s Corruption Perceptions Index for 2018 ranks Denmark as No.1, meaning the perceived level of public sector corruption is very low. But they are not immune to other things...

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Denmark subscribes to the Nordic model of "social democracy", they promote generally "socialist" policies under the economic security and opportunities that is within the framework of capitalism. Socialism works so well there, and of course it's not kind of socialsim as we see in Venezuela, or Latin America

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And Denmark has higher taxes than many countries but they are still happier than others

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4 hours ago, damirUSBiH said:

Denmark subscribes to the Nordic model of "social democracy", they promote generally "socialist" policies under the economic security and opportunities that is within the framework of capitalism. Socialism works so well there, and of course it's not kind of socialsim as we see in Venezuela, or Latin America

So those companies don't ascribe to the heavy tax environment and hence don't self identify their owners who want to keep their kroners? Sounds like it Is the kind of socialism we see in Latin America ;)

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