The National Unit for Special Crime (NSK) has dropped its investigation into Steen Michael Erichsen, the former CEO of the pension company Velliv. Erichsen confirmed the news to Børsen, and NSK confirmed the dismissal of charges to Berlingske.

The investigation began after Velliv fired Erichsen in the spring of 2023 for actions related to his private savings that were deemed “incompatible with the position.” Velliv alerted the Danish Financial Supervisory Authority (Finanstilsynet), which considered the matter serious enough to warrant police involvement.

According to Berlingske’s information, the case involved Erichsen allegedly using internal knowledge from his position at Velliv to make financial decisions that benefited his personal savings.

Erichsen, who served as Velliv’s CEO for 15 years, stated that he maintained his innocence throughout the investigation. “I have always maintained that I have not done anything wrong. And now it has also been concluded that I have not violated any rules or laws,” he told Børsen.

Neither Erichsen nor Velliv have disclosed the specifics of the actions that led to his dismissal. However, Velliv’s chairman, Anne Broeng, previously stated that the board acted swiftly upon learning of Erichsen’s conduct. Broeng emphasized the need for quick action in such situations, explaining that the board saw no way to continue the collaboration.

The Danish Financial Supervisory Authority (Finanstilsynet) has declined to comment on the case due to confidentiality obligations.