Sweden’s kraft & kultur finds $265 million accounting anomaly

The management of Kraft & Kultur i Sverige AB has discovered an anomaly corresponding to as much as 1.8 billion kronor ($265 million) in the utility’s accounts, it said in a statement on its website today.

The “significant faults” in accounting were discovered in an internal investigation and may be the result of “several years of manipulation,” the Stockholm-based company said.

Kraft & Kultur, owned by Norway’s Troms Kraft AS, has 60,000 household customers in Sweden and about 5,000 business clients, according to its website.