It is basically the same events, says Jonas Myrdal, vice head of chamber and leader of the preliminary investigation at EBM.
FI's investigation aims to see how the insider information was handled by SEB before four so-called block transactions of EQT shares – last autumn and in September this year.
Risks a penalty fee
The purpose is to see if the bank followed guidelines and procedures. In addition, the bank's procedures and internal control of trading on its own account will be reviewed – as well as how the bank takes care of its customers' interests when handling block transactions.
The review of block transactions is unique for FI.
This is a type of investigation we have not done before. But we often look at issues of market abuse and insider information, says Jimmy Kvarnström, area manager at FI with responsibility for supervision of securities markets.
SEB risks a penalty fee, criticism or warning from FI if they have failed in their obligations.
This is a relatively limited investigation. We will try to work as quickly as possible. But how long it can take, we cannot say at this point, says Kvarnström.
The notification came from a competitor to SEB, according to EBM. But according to FI, several different market players have reported the suspected transactions.
Eight suspected persons have been interviewed and EBM has seized some computers and mobile phones. But no one is arrested.
We have not seen that it has been necessary for us to need to deprive anyone of their liberty, says Myrdal.
He sees no obvious friendships or family ties between the suspects.
We have secured some evidence. The investigation is at a fairly early stage and it is a fairly good state of evidence.
Gross crime "with good margin"
The limit for gross insider crime is 300,000 kronor in profit.
They are not enormous profits, but it is still substantial amounts we are talking about. It is gross insider crimes with good margin.
According to Myrdal, the goal is "a legal issue to a fairly high degree".
I have to show that this information was insider information, that SEB is trying to sell a block and that it will affect the price. It is not obvious and it requires a lot of investigation and a lot of pedagogy from our side, he says.
But since we have come this far, it is our absolute opinion that this is insider information, that one has received it and acted on it.
