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Police find half a million kronor inside car baby seat

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08:36 CEST+02:00
Police found half a million kronor in cash hidden inside a car baby seat during Wednesday's raid of the home of one of the main suspects in an ongoing insider trading investigation.

The two men believed by prosecutors to be the leading figures in what is being called Sweden's biggest ever insider trading affair are aged 34 and 35 respectively. One works for risk capital company Cevian capital, the other for Nordea bank.

The men are suspected of around ten cases of insider trading for the period January 2005 to September 2006. They are thought to have earned tens of millions of kronor from insider deals. Detention proceedings are to be held on Thursday afternoon.

Two other men arrested in connection with the scandal have now been released as it is not thought that they can hinder the investigation.

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.

"We are working in co-operation with Ökokrim (Norwegian economic crimes unit) and are exchanging experiences with them," said prosecutor Robert Engstedt.

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