Statement regarding QVARTZ and the ERC

March 2, 2014

Statement regarding QVARTZ and the ERC

On behalf of QVARTZ, I wish to state that QVARTZ  has no – and has not had – business relationships or contacts with the ERC in the past. Furthermore, the following statements are relevant and important:

  1. QVARTZ has not, in any way, been involved in the ERC’s work for the Slovenian Government or for the main banks, specifically the 2012 stress test of three Slovenian banks, and has no knowledge of their findings
  2. Per Anders Fasth, a former partner in QVARTZ now serving as interim CEO for a Swedish bank, was a partner in the ERC before joining QVARTZ. He left the ERC in the summer of 2010.  Since his departure and since joining QVARTZ, he has not been involved with ERC in any way
  3. Jan Kvarnström and Arne Liljedahl are not – and have not been – involved in any QVARTZ client work at any point in time. We also understand that these gentlemen left the ERC in the summer of 2010. Mr. Kvarnström and Mr. Liljedahl have, however, helped a company called Whetstone Solutions (of which QVARTZ owns 50%) in client development work with Greek financial institutions. For avoidance of doubt, there has been no connection with Slovenia

Many of our partners and consultants have a background from other international consulting companies. Regardless of background, the individuals at QVARTZ and the company as such adhere to the highest possible standards in terms of professionalism and integrity in dealing with our clients.

In summary, the accusations made in the Slovenian media are not correct.

Niels R. Koggersbøl
Partner, QVARTZ