Fraud: Bagger bagged for allegedly bagging profits

Stein Bagger, the CEO, was on leave when the company chairman became suspicious and after investigation located what is described as "a secret office with a second set of books." Those books, it is alleged, detailed what may turn out to be the largest corporate fraud case in Danish history - some USD220 million.

Bagger had flown from Dubai to the USA where he was arrested and extradited. the whole process has taken a little over two weeks from the chairman learning of the company's problems.

IT Factory was used by Bagger, it is alleged, to secure a series of leasing contracts which netted him some USD45 million.

In a classic twist, in November this year, Ernst and Young named IT Factory the Danish Entrepreneurial Company of 2008.

Oops.