Three men accused of illegal insider trading – Rogaland Avis

Økokrim stating indictment in a press release.

Aftonbladet reported earlier Thursday that oil company that question are Baker Hughes, which is headquartered in Tananger. Police Attorney in Økokrim, Lars-Kaspar Andersen, confirmed to RA that oil service company where two of the defendants were employed, the Baker Hughes.

– Two of the defendants, both employed by the oil company, Økokrim vision received unjustified access to inside information. The one we believe then used this information to insider purchase of shares. The others think we have given information to a third person, says Andersen.

He emphasizes that Baker Hughes as a company have not been suspected in the case.

– The company is not suspected. They have cooperated with law enforcement authorities in the investigation, said police lawyer.

– What happens in the case now?

– the indictment has been served on the defendants and the case is now sent to Stavanger District Court for Scheduling, says Andersen.

Former sentenced

Here is the message Økokrim issued earlier today:

“Økokrim believes two of the three should have gotten improper access to information at their employer on the results of test drilling of an exploration well on the arrow field in the Norwegian Sea. The information was related to that it was proven hydrocarbons in exploration well. The third person who was not employed by the oil company to have received such information from one co-defendants.

All three were aware that the information they received was not publicly known and could lead to price increases in the shares. Nevertheless, two of the defendants have bought shares in the oil company for respectively 26 500 and 800 000. After the oil company said in a stock exchange release on 6 March 2014 announced an oil and gas discovery in the exploration well, the price of its shares by 117 percent. The two are accused of illegal insider trading. In addition, one of these also charged with attempted illegal insider trading and gross negligence in his capacity as CEO and chairman (enestyre) in a private corporation. The third person who was employed by the oil company and gave information on are prosecuted for incitement to insider trading.

A person previously convicted of insider trading (tilståelsesdom) in these proceedings. “