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Ikea founder Ingvar Kamprad dies aged 91

Monday 29/January/2018 - 12:43 PM
Sada El Balad
Ikea founder Ingvar Kamprad has died aged 91، the company said Sunday، leaving behind a global business empire built on revolutionary flat-pack furniture but under investigation over its tax practises in the Netherlands.
"Ingvar Kamprad was a unique entrepeneur who has meant a lot for Swedish business and who has made home furnishing available for many people، not just the few،" Swedish Prime Minister Stefan Lofven told TT news agency.
Born in 1926 to a farming family in Smaland، Kamprad، whose 2017 fortune was estimated at 37.3 billion euros (around $46 billion) according to the Swiss economic magazine Bilan، founded the company at the age of 17.
Despite his enormous success and wealth، Kamprad's modest spending habits bordered on the obsessive. Anadolu Agency said.
In 1973 he fled Sweden's higher tax structure for Denmark before seeking even lower taxes in Switzerland.
Starting in 2010 Kamprad gradually made way at the helm of the company for his three sons، finally returning to live in Sweden in 2014.
Kamprad announced in 2013 that he would be stepping down from the board of Inter Ikea، owner of the furniture giant's concept and brand، and his youngest son became chairman.
Last year، the European Commission announced that it had launched an investigation into Ikea's tax deals in the Netherlands.
The Consortium of Investigative Journalists in 2014 cited leaked tax files from Luxembourg when it identified Ikea as one of the giant multinationals fingered for corporate tax avoidance by shuffling money to tax havens.
The group insists that it complies fully with national and international tax regulations.
Kamprad has faced harsh criticism in the past for his ties to the Nazi youth movement during World War II.
Sweden was neutral in World War II، and its Nazi party remained active after 1945. The Ikea founder said he stopped attending its meetings in 1948.
He later described the period as the "folly of youth" and "the greatest mistake of my life."

Edited by rehab sayed

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