Company chairman quits over tax fraud

THE co-founder and chairman of the firm planning to build the UK’S first gigafactory in the north-east of England has quit after it emerged he was convicted for tax fraud in Sweden more than 20 years ago.

Lars Carlstrom was sentenced to eight months in prison and handed a four-year trading ban for tax fraud in the late 1990s.

This was later reduced by a higher court to a conditional sentence and 60 hours’ community service.

He was later accused of acting negligently by Sweden’s tax authority over a separate unpaid tax bill for one of his companies in 2011.

The Swede also has links to Russian businessman Vladimir Antonov, the former Portsmouth FC owner who skipped English bail five years ago.

Following media enquiries, Mr Carlstrom, 55, announced he would be stepping down with immediate effect, saying: “I don’t wish to become a distraction.”

He added: “I am aware of this minor allegation, that stems from over 25 years ago. Subsequently I have had endorsement from the Swedish government.

“It has always been my intention to pass on the chairmanship of Britishvolt, once the company has been established.

“Given the crucial importance of Britishvolt’s mission to put the UK at the forefront of the global battery industry, I don’t wish to become a distraction so I am stepping aside with immediate effect.

He added: “Britishvolt will announce a new chairman shortly.”

Britishvolt last week revealed plans to build a £2.6 billion battery factory in Blyth.