An update on our previous article about bankrupt Danish company IT Factory and its missing managing director Stein Bagger: Bagger contacted local authorities in California and was arrested earlier today, say Danish news sites.

A translated version of one of the articles is here. A Danish reader named Mark Jensen writes to us:

The information is sparse right now, but the family left a post on their blog earlier today, stating that they had talked to Stein indirectly and knew he was okay. He had explained to them that he was forced into doing the fraud because he felt threatened, and that he wanted to talk to the officials in the country he was hiding in. Apparently he contacted the Californian police around 1 PM local time.

Stein Bagger is wanted by the Danish police for financial fraud and a possible link to an assault on a business man (alledgedly executed by members of the Hell’s Angels, a group he is possibly connected to). Bagger first disappeared a little over a week ago in Dubai, where he was attending a business conference with his family.

A lot of facts are still missing. We’ll update as this develops.