Phantom Ph.D.S: A scandal shocks Sweden

A scandal shocks Sweden

Refaat el Sayed seemed to come out of nowhere to become one of Sweden's most successful business executives. Born into a wealthy Egyptian family, he moved to Uppsala, near Stockholm, to study agricultural science in 1968. El Sayed attracted little attention until 1981, when he borrowed $5.3 million and bought a money-losing Swedish drug company called Fermenta. In four years he transformed it into a leading producer of antibiotics. His company's 1985 profits hit $43.2 million, and Sweden's national TV network honored him as the country's man of the year.

But last week el Sayed, 39, was a man in disgrace....

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!