Bertil Villard on Friday resigned as chairman of the 373 billion Swedish kronor ($59 billion) AMF Pensionsforsakring, Stockholm, after a news report claimed he had avoided paying Swedish taxes by using a legal offshore loophole, confirmed spokeswoman Stina Sandell.
AMF parent Landsorganisationen I Sverige, or LO, said in a news release that Mr. Villard’s tax practices did not meet its ethical guidelines. AMF is a subsidiary of LO and the Confederation of Swedish Enterprise.
Mr. Villard, a partner at law firm Vinge, could not be reached for comment.
Per Bardh, LO vice president and a member of the AMF board, will serve as interim chairman while a replacement is sought, Ms. Sandell said in an e-mail.