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'Several million' kronor found in insider trading raid

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16:00 CEST+02:00
"Several million" kronor in cash was found at the home of one of the two main suspects in a major insider trading operation.

One of the men arrested on Monday works for investment company Cevian Capital, while the other works for Nordea Bank. Prosecutors have requested that both men remain in custody until detention proceedings are held later this week.

Mats Wilhelmsson, former head of the Swedish Financial Supervisory Authority (Finansinspektionen - FI), expects further revelations of insider trading to follow.

"If there was one, why shouldn't there be more," he said.

Wilhelmsson was still working at FI when the investigation into the current affair began. He is not surprised by speculation that this may be the largest insider operation ever discovered in Sweden.

"That was the feeling we had at the time, that this had the potential to be one of the biggest things we had ever seen," he said.

There has been much speculation in the media that Swedish authorities first began looking into the matter in connection with the purchase by search service provider Eniro of its Norwegian counterpart Findexa in autumn 2005.

A trial is currently underway in Norway of individuals suspected of having prior knowledge of an impending deal and buying shares in Findexa before Eniro made its bid.

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