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Obol misses meeting with government watchdog

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15:54 CET+01:00
On Friday morning, for the second time this week, Obol Investment failed to turn up for a meeting with the Swedish Financial Supervisory Authority (FI). The company was due to hand over details about its operations to FI by 10 a.m. at the latest.

But the requested documents never arrived and representatives of Obol were conspicuous by their absence.

"This was a golden opportunity for Obol to give its view with regard to our questions.

"But we already have enough details about Obol to be able to conclude our investigation," said Joakim Schaaf, head of FI's legal department.

Schaaf estimates that FI will have completed its investigation by January 26th.

Later on Friday morning Obol's legal representative informed FI in writing that he would hand over the comany's reply to the supervisory authority's questions during the afternoon.

"If they come in later with information about their Swedish business then we will take that information into account," said Schaaf.

FI wants to meet Obol to discuss why the company has neglected to acquire the necessary licence for its Swedish portfolio management business. A number of investors have already invested money in Obol's funds.

In addition to FI's investigation, the Swedish National Economic Crimes Bureau is also looking into Obol's operations before deciding whether or not to conduct a full investigation.

Obol has come to the attention of many through its sponsorship of the Swedish basketball league, as well as a number of sports clubs. But since it became know that Obol lacked a licence for its operations a number of clubs have distanced themselves from the company.

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