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Foreign Exchange

There’s no such thing as bad publicity

Saxo’s decision to sponsor a leading cycling team is one that many predicted would generate bad publicity. So far, the credit ledger is still positive, but there must have been some anxious moments on Monday at the publicity launch of Team Saxo Bank-IT Factory. For, just as it was about to take place, it was announced that IT Factory, the co-sponsor, had gone bankrupt. Expect more on this story. Danish paper, Berlingske Tidende, reports that IT Factory’s managing director Stein Bagger is being sought by Interpol on suspicion of defrauding the company of €65 million. Bagger has not been charged with any crime.

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