Danish executive extradited from the United States admits fraud

Copenhagen - A Danish executive extradited from the United States on Tuesday admitted to allegations of fraud during a remand custody hearing at a Danish district court.

Stein Bagger, 41, was chief executive of the software company IT Factory and is alleged to have defrauded the group of some 182 million dollars and also falsified documents.

IT Factory was to have become co-sponsor of the CSC team of Danish ex-cyclist Bjarne Riis as of 2009.

Bagger's lawyer questioned the size of the sums during the court hearing on Tuesday, hours after Bagger's plane had landed, local media reported.

At the end of November, Bagger disappeared during a holiday trip to Dubai and over a week ago reported to police in Los Angeles where he was placed under arrest pending extradition proceedings.

In the meantime, Asger Jensby, chairman and co-owner of IT Factory, filed for bankruptcy.

Riis, 44, admitted last year that he used doping substances in his 1996 Tour de France win. He also said he used other illegal substances during his career. (dpa)