The Court of Appeal upholds the district court's judgment in its entirety regarding seven individuals who were convicted in the district court. At the same time, four individuals are convicted of more extensive trading than in the district court. For three of them, the penalties are tightened so that one receives a conditional sentence with community service and two receive prison sentences.
Furthermore, the Court of Appeal upholds acquittals against two individuals. In addition, two more individuals who were convicted in the district court are acquitted – and two more are acquitted of parts of the indictment and receive mitigated penalties.
Aggravated insider offense
Among those convicted, six individuals are convicted of aggravated insider offenses and four for insider offenses. The others are convicted of, among other things, aiding and abetting insider offenses. The five whom the Court of Appeal sentences to prison receive between one and two years.
The central individuals in the case are Ica retailers in southern and central Sweden.
It is "very serious" that six Ica retailers are convicted of insider offenses, says Göran Blomberg, CEO of the Ica Retailers' Association, in a press release.
"It has been a long and demanding process that has affected the entire Ica and our reputation," he says.
Several penalties
When the judgments have gained legal force, the Ica Retailers' Association's disciplinary board will decide on any penalties for the convicted retailers. The board can issue a warning, warning, or deprivation of membership in the Ica Retailers' Association – which is a requirement for being allowed to run an Ica store.
It was in connection with the majority owners planning to delist the Ica share that it suddenly began to surge on the stock exchange during the autumn of 2021. Since the increase occurred before the bid was made public, suspicions were raised that the bid had been leaked in advance. This led to an investigation that ended in charges against 18 individuals, of whom ten were Ica retailers.
Jon Jeppsson/TT
Facts: The Ica scandal
TT
It was on November 10, 2021, that the Ica retailers' and AMF's bid on the food giant was made public. But already before that, the share rose on the stock exchange, which created speculation that the bid had been leaked in advance.
In March 2022, the Economic Crimes Authority and the police conducted a raid on the Ica Retailers' Association's office in Solna.
On May 15, 2023, charges were brought against 18 individuals, of whom twelve were suspected of aggravated insider offenses.
Of the defendants, ten are Ica retailers. With the exception of four individuals, all are part of owner families around different Ica stores in southeastern Sweden.
The prosecutor demanded that approximately 20.5 million kronor be paid back. This is the amount that the crimes are believed to have generated.
The district court convicted three of the central individuals in the scandal to prison in December 2023. The thirteen others were given different penalties. Two individuals were acquitted.
