1. "The President of BURE EQUITY doesn't say the truth in
his first Year-End report (2009) because of Mercuri
International."
The main purpose of this letter is to ensure that the investors and the market are correctly informed as
to a statement included in Bure’s Year End Report 2009 which is clearly not adjusted to the truth -
although subscribed and signed by Mr. Patrik Tigersschiöld, President of BURE EQUITY AB
On page 3, in the column in which Mr. Patrik Tigersschiöld informs about Mercuri International results,
included in his final comments, one can literally read “The wind-up of unprofitable operations has been
carried out in Japan, Spain and Canada”. This is not accurate since MI Spain is still open at the end of
April. Even though the MI Group decided to close us down, (we do not evaluate this decision at this
stage) it has been unable to do so. It has handled the matter, and continues to do so, in such an
erroneous way that, for the second time, the proposed liquidation and closure has been rejected by a
Mercantile Magistrate due to serious procedural technicalities. (See attached judicial ruling translated
by us).
In view of the situation, we have serious doubts as to the accuracy of the item “Provisions” within the
Operating Account and as to whether the amount of € 1.400.000 ( 13.590.640 SEK) has been included as
probable indemnities for MI Spain staff. All we know is that it is only, in the month March, that the
Auditors, Ernest & Young Auditors, have actually been informed of the formal, juridical and legal
existence of MI Spain. So far they had been informed that Mercuri Spain had closed prior to
31.12.2009.
As you can see in the attached Magistrate Ruling, the main problem that has made it difficult to close
MI Spain, from the very beginning, is the mistreatment that the MI Group has shown towards MI
Spain’s personnel. The ignorance of the law and of the rights of the staff, the absolute lack of dialogue
from MI Group Management and the high-handed attitude shown by legal representatives of the MI
Group has hugely drawn out the process and has made it impossible to find a solution for 9-10 months.
The implications are evident: The amount of € 1.400.000 to cover staff indemnities will increase by
approximately 50.000 € per month (485.380 SEK). This situation is difficult to understand for anyone..
More difficult to understand coming from a Leading Company helping other companies in
Management, Leading Teams and HHRR.
In the Spanish Judges’s opinion and that of the receiver and the Spanish labour authorities, this is a
totally unusual situation that benefits none.
To sum up, the information published in the Bure report concerning Mercuri International, lacks rigor
and accuracy: MI Spain does effectively exist and the present situation can only lead to greater losses as
the days go by.
Unfortunately we must presume that the “provisions” do not include the amount of over 2 million
Euro (19.415.200 SEK) that, as was known before 31.12.2009, will probably be necessary to close
down MI Spain.
The judicial process continues and at some stage it could also involve not only the Mercuri Group but
also Bure. If this were the case, this mere transmission of information could become an executive
action.
We remain at your disposal and that of the Bure and Mercuri International Group in order to collaborate
and finalize this process once and for all, thus permitting all to start building their future, as says Mr.
Patrik Tigersschiöld but obviously respecting the laws and rights of all parties involved.
Yours faithfully,
The staff of Mercuri International Spain, S.A (in liquidation)involved today in the process. Mª Carmen
Olalla, Jose Luis Gonzalez Mariño, Angela Sanchez, Jose Luis Perez Doñoro, David Gateau.
PS: We have never received answer or comments to our letter sent to Mr. Patrik Tigersschiöld,and Mrs
Susane Lithander (President of Mercuri International), Nicole Dereumaux (C.O.O. Mercuri International),
Mr Tony Falck (C.F.O. Mercuri International), Mss Eva Holmer (HHRR Manager Mercuri International)
This is the reason why we send this note to you in order to inform investors and companies related
about lack of accurate information in such a very important report.
We can attach the report of the end year 2009 published by Bure and the documents that prove that
Mercuri Spain is still open as at April, 30 - 2010. (and even today).