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Systematic misappropriation of funds over several years
According to the judgment, for several years Mattias Rutgersson organized a system of advance payments to customers for yachts that were never delivered. In several cases, the boats ordered existed only in the form of molds, whereas the down payments had been made in full. The sums embezzled exceeded four million euros, transferred between different companies and used in part to settle his personal debts, particularly tax debts.
The court found a total of seven serious accounting breaches, described as "not minor", and documented the absence of annual financial reports despite numerous reminders.
A bankruptcy revealing opaque management
When the Sweden Yachts Group went bankrupt at the end of 2023, available assets were limited to less than 12,000 euros, compared with over 4.1 million euros in unpaid receivables. The insolvency administrator pointed to accounting deficiencies such that it was not possible to precisely date the state of insolvency, which was probably effective as early as 2020.
The misappropriation of funds was formally established: 373,000 euros from the coffers of Sweden Yachts Group AB and Sweden Yachts Group Marin AB were used to pay private tax debts, forming the basis of the conviction for aggravated tax fraud.
A judgment without appeal for a repeat offender
The court pointed out that Rutgersson had already been convicted of accounting offences in the past. Consequently, no alternative to imprisonment was considered. The sentence also includes a 40âuros¯% tax penalty on the amounts diverted, as well as all arrears owed to the tax authorities.
Mattias Rutgersson has until July 2 to lodge an appeal, but he has already partially admitted the facts at the trial and has not contested the ban.
Consequences for customers and the industry
This case highlights the risks incurred by purchasers when a building site has fragile financial guarantees or a lack of transparency in its management. Numerous customers, particularly in Germany, have lost their entire down payments without any possibility of rapid recourse, in the absence of dedicated insurance or a bank guarantee.
For the yachting industry, this case highlights the importance of putting in place protection mechanisms for customers, such as securing progress payments or rigorously verifying the financial health of even the most reputable shipyards.
