FI's investigation is broader, but 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 at how the insider information was handled by SEB prior to four so-called block transactions of EQT shares – last autumn and in September this year.
”FI will investigate SEB's guidelines and procedures for handling insider information in connection with larger share sales. FI will also investigate the bank's procedures for internal control of trading for its own account and whether the bank has taken care of its customers' interests in connection with the handling of block transactions”, FI writes in a press release.
No one arrested
A report of the suspected transactions was received from a competitor to SEB.
The eight suspected individuals have been interviewed and EBM has seized some computers and mobile phones, according to Jonas Myrdal. But no one is arrested.
We have not seen that it has been necessary for us to need to deprive anyone of their freedom, he says.
The eight suspects have no apparent friendships or family ties, according to Myrdal.
We have secured some evidence. The investigation is at a fairly early stage and it is a fairly good state of evidence.
The profits from the suspected insider deals are relatively large, according to the leader of the preliminary investigation.
They are not enormous profits, but they are still substantial amounts we are talking about. It is indeed serious insider crimes with good margin.
The limit for serious insider crime is 300,000 kronor in profit.
”This is insider information”
The investigation is now entering a phase where collected material is analyzed to get a detailed picture of the course of events and the suspected trading.
It is a legal issue to a fairly high degree. I must 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.
On the Stockholm Stock Exchange, EQT's share falls by about 3 percent while SEB's share is down 1.2 percent.
