This Zero Hedge article is a real eye opener. The biggest winner of Sweden’s humanitarian migration system is ICA Bank.
That Sweden is a humanitarian superpower, eager to lead by example, is a myth that needs exposing once and for all. The recent migration wave to Sweden has made some people poor and others very, very rich.
Every day one reads news in Sweden about the winners and the losers in the migration industry. One of the winners in Sweden’s migration industry is ICA Bank. In November 2015, it invoiced the Swedish Migration Agency $8 million for providing asylum seekers prepaid cards. For every cash withdrawal, ICA Bank takes a $2 fee, and for every prepaid card activated, it takes $21. ICA Bank won the contract without any competition; its contract with the Migration Agency extends to March 2017.
Many asylum accommodations in Sweden are run by private operators and are making huge profits. In 2015, the 30 largest companies that run the asylum accommodations invoiced the Swedish Migration Agency an estimated $109 million. The losers, on the other hand, were the Swedish taxpayers who had to finance these decisions.
In November 2015, it was reported that Sweden’s Migration Agency had paid $174 million during an 11-month period to private sector property owners for asylum seekers’ accommodation.
Many of the companies running the asylum accommodations have a profit margin of over 50%. Defakon Renting AB has a profit margin of 68%. Nordic Humanitarian AB has a profit margin of 58%. Fastigheterna på Kullen AB has a profit margin of 50%.
Read it all, and weep.