A Swedish company director and business manager was arrested last Wednesday in Stockholm at the request of Norwegian authorities. On Saturday he was detained for one week in the Oslo District Court, charged with illegal insider trading.
The arrest took place on the basis of a warrant issued by the Norwegian authorities, based on a decision by the Oslo District Court.
The 51-year-old director was remanded for a week on Saturday by the Oslo District Court and denied letters, visits, with a media ban imposed.
‘For the sake of the investigation, I won’t comment on the specific content of the indictment beyond that a 51-year-old is charged with insider trading, and it concerns a substantial amount.
‘Illegal insider trading carries a maximum sentence of six years in prison’, said public prosecutor Marianne S. Bender in ØKOKRIM.
The Financial Supervisory Authority (FSA) have reviewed the case brought by the Norwegian authorities, and it is currently being investigated in several countries.
‘Just under 40 percent of the shares on the Oslo Stock Exchange are owned by foreigners. Therefore, its important ØKOKRIM also includes stock trades made by foreigners, and investigates cases when there is suspicion of illegal insider trading,’ commented Bender.
Newspaper Dagens Næringsliv writes that the illegal trading allegedly took place on the Oslo Stock Exchange by the listed company, Next biometrics.
Source: NTB scanpix / Norway Today