Kinnevik AB (KINV)

NINGI Research published on Kinnevik AB (Stockholm: KINV — SEK 17.5 billion), a Swedish investment company. NINGI alleged that Kinnevik sold distressed fintech assets to a fund allegedly set up by a Kinnevik employee, failed to properly disclose related-party transactions, and masked major losses by moving impaired holdings into an opaque “Other Unlisted Investments” bucket. In addition, NINGI argued that several of Kinnevik’s holdings in software, travel, and payments are essentially intermediaries and could be displaced by agentic AI.