Private equity firm FSN Capital said it has been awarded €87m by an arbitration tribunal in Denmark, after Swedish buyout group Procuritas was found liable for failings at a portfolio company.

According to FSN’s 23 June statement, Procuritas was ordered to pay damages after the tribunal ruled that the Swedish group sold its portfolio company Gram Equipment in January 2018 “based on fraudulent financial reporting”. FSN had claimed that more than a hundred fake invoices had been issued to artificially inflate revenues and profits prior to the sale.