An Ikea store in New York City. Swedish furniture giant Ikea's founder has admitted that he still controls the company through a secret foundation, ahead of the airing Wednesday evening of a documentary that also charges the firm systematically evades taxes.
On Wednesday January 26, 2011, 8:56 pm ESTSwedish furniture giant Ikea's founder still controls the company through a previously unknown foundation, he admitted ahead of an investigative documentary Wednesday that revealed the company's complex structure.
"Interogo Foundation is controlled by my family and run by a board that is made up entirely of outside members," Ivar Kamprad, 84, said in a statement issued before the first of a two-part investigative documentary aired on Swedish public television SVT.
Kamprad, who refused to be interviewed for the documentary, has long insisted that he and his family no longer have any control over Ikea, which is not listed on the stock exchange, and was previously known to be owned by a foundation in the Netherlands called Stichting Ingka Foundation and its subsidiary Inka Holdings.
But the SVT documentary charges that Kamprad has in fact "secured control and power over Ikea. In total secrecy, he has created a foundation in one of the world's most infamous tax havens -- Lichtenstein."
Friday, January 28, 2011
Ikea skirts taxes with 'secret' foundation: report
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