Latest News

Nine people arrested in Sweden for suspected insider trading of Fortnox and Tethys Oil

The Economic Crime Authority reported that nine Swedish people were arrested on Tuesday, suspected of insider trading on the stock exchange in 2024 or 2025 before the publication of takeover bids for two companies listed at the Stockholm Stock Exchange.

A spokesperson for the agency said that the suspected insider trading was made on shares of Tethys Oil which was acquired in September last year and Fortnox which was purchased after an offer was made in March of this year.

According to the agency, several people with common connections traded large amounts in a coordinated way based on information that it believes was leaked about expected bids.

In a statement Jonas Myrdal stated that the police action on Tuesday was the result of a lengthy investigation, which included seizure electronic devices.

Tethys Oil spokesperson said that they had no reason to suspect or believe the matter involved any of their current or former employees.

Fortnox's spokesperson declined to make any comment.

Tethys Oil was delisted from the stock exchange in January, and Fortnox in July. (Reporting and editing by Terje Sosvik, Bernadettebaum, and Anna Ringstrom)

(source: Reuters)