STOCKHOLM (Reuters) -Swedish police apprehended nine people on Tuesday on suspicion of gross insider stock market trading in 2024 and 2025, ahead of the publication of takeover offers for two listed
Nine Arrested in Sweden for Alleged Insider Trading of Fortnox and Tethys Oil
STOCKHOLM (Reuters) -Swedish police apprehended nine people on Tuesday on suspicion of gross insider stock market trading in 2024 and 2025, ahead of the publication of takeover offers for two companies listed on the Stockholm bourse, the Economic Crime Authority said.
The suspected insider trades were made in the shares of Tethys Oil, which was subject to a takeover in September of last year, and fintech Fortnox, which was bought after an offer in March this year, an agency spokesperson said.
The agency said several persons with mutual connections repeatedly traded large sums in a coordinated manner, based on what it suspects was leaked information on expected bids.
"It is insider trading on a level we have barely seen before," Prosecutor Jonas Myrdal said in a statement, adding that Tuesday's police action followed a long investigation and included the seizure of electronic devices.
A spokesperson for Tethys Oil said the company had no indication or reason to believe that the matter concerned any of its current or former employees.
A Fortnox spokesperson declined to comment.
Tethys Oil and Fortnox were delisted in January and July, respectively.
(Reporting by Anna Ringstrom, editing by Terje Solsvik and Bernadette Baum)
