Thous­ands of Da­nish com­pa­nies sha­re iden­ti­cal ac­co­unts – ex­pert warns of po­ten­ti­al risks

A growing number of Danish companies are submitting highly similar – and in some cases identical – financial statements, raising concerns among experts and authorities. This development is the focus of a recent article in Berlingske, featuring Niels Westergård-Nielsen from the Center for Corporate Governance at Copenhagen Business School.

In the article, Westergård-Nielsen highlights that such patterns in financial reporting may serve as an early warning signal. While identical accounts may in some cases be the result of standardisation or shared accounting practices, they can also indicate more problematic underlying structures.

“One cannot rule out that some of the many companies copying financial statements from others are being kept alive with the intention of later becoming part of a criminal construction" he notes, pointing to the risk that these patterns may be linked to fraud, tax evasion, or the use of companies in organized criminal activities. (Quote translated from Danish).

The article documents how thousands of Danish companies appear to replicate financial statements, prompting questions about transparency and oversight. According to Westergård-Nielsen, recognising these signals early is crucial in identifying potential risks before they develop into more serious issues.

His contribution adds an important perspective to the broader discussion on financial transparency and corporate governance. As financial reporting becomes increasingly complex, the ability to detect irregular patterns – including duplicated accounts – is becoming ever more important for regulators, financial institutions, and businesses alike.

The full article is available on Berlingske (published online and in print on 20 April).