OGEL Energy Law / Transnational Dispute Management (TDM)’s Post

Alecta Tjänstepension Ömsesidig has initiated arbitration proceedings against Heimstaden Investment AB, a wholly owned subsidiary of Heimstaden AB (publ) under the shareholders agreement pertaining to Heimstaden Bostad AB (publ) Alecta argues that the establishment of Heim Global Investor AS by Fredensborg AS / Ivar Tollefsen, and the investments into its fund, competes with the business of Heimstaden Bostad AB (publ) and thus constitutes a breach of the shareholders agreement. Heimstaden Investment AB disagrees, noting that Heimstaden Bostad AB (publ) is not active within the business of fund management and that the investment made by Heim Global Investor AS's fund falls within the exemption to the non-compete undertaking in the shareholders agreement.