Monday, October 31, 2016

Swedish business executive charged with insider trading in Next Biometrics – Today’s Business

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The Swedish næringslivslederen Ola Rollén (51) is indicted by Økokrim for insider trading in the Oslo stock Exchange-listed company Next Biometrics, says the company Hexagon, where Rollén is ceo, in a press release Monday.

According to the press release is Rollén scrutinized for innsideforhold that are related to his private investment and not matters that are related to the Hexagons business.

Rollén denies the accusations, according to a press release from the lawyers his on Monday morning.

the Chairman of Hexagon, Melker Schörling, refers to statements from the Rolléns lawyers and says he has “full confidence” to Rollén.

Arrested Wednesday in the previous week

According to a press release from Økokrim was Rollén was arrested in Stockholm on Wednesday 26. October.

“the Arrest happened on the basis of a warrant issued by Økokrim, which is based on a decision from the Oslo district court”, states the press release.

Rollén was Saturday 29. October varetektsfengsel in a week the Oslo district court with the letter, visit and medieforbud.

I can due to the investigation not to comment on the specific content of the indictment beyond that the 51-year-old is charged with insider trading, and that there is a significant amount. Illegal insider trading is punishable by up to six years in prison, says førstestatsadvokat Marianne S. Bender in Økokrim in a press release Monday morning.

Acknowledge no penalties

Rollén deny the accusations. He acknowledges no penalties, informs the Rolléns counsel, Christian B. Hjort and Erik Keiserud in a press release Monday.

“in our view, is the indictment based on an erroneous understanding of the factual and legal circumstances of the case,” writes the lawyers.

Ola Rollén has been the leader of the Hexagon and a member of the company’s board of directors since 2000. He was in 2014 appointed as one of the world’s 100 best top managers of the magazine the Harvard Business Review that is linked to the world-renowned Harvard University.

Purchased the shares on behalf of funds

the Investment should, according to the press release have happened in October last year. The matter is that the purchase of 284.341 shares in Next Biometrics, which was made on behalf of the private equity fund Greenbridge Partners, who at the time was under construction, on the occasion of the fund’s desire for a long-term investment in the Next.

the Shares were purchased in the normal way in the market, and there was no abuse of inside information in connection with the purchase of the shares, enter the lawyers.

“Ola Rollén hope the investigation will confirm the facts as quickly as possible. He will cooperate with Økokrim to ensure that all relevant factors are illuminated. He did not want to comment on the case further before Økokrim has come further in his investigation. He regret greatly the harm that the indictment and the investigation means for the Hexagon, Greenbridge Partners and himself”, states the press release from the lawyers.

technology companies

the Hexagon is a Swedish technology company founded in 1992. The company is listed on the Stockholm stock exchange and has before opening on Monday with a market capitalisation of 121 billion Swedish crowns. The company will open down five per cent on the stock exchange Monday.

Since listing in 2002, the company’s share price increased from 18 to over 330 Swedish krona.

Next Biometrics is a technology company with head office in Oslo. The company makes sensors for fingeravtrykksautentisering. Sensors are used in a wide range of products including PCS, tablets and mobile phones. Next has a market capitalisation of nok 2.2 billion.

the Company’s stock price increased from approximately 50 to 150 million in October last year after the company was in place 120 million in equity and revealed the name of the company’s first toppkunde, the us technology company Dell.

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