Nordea employee to remain in custody

A decision was reached by Stockholm District Court on Thursday to detain one of the suspects in the ongoing insider trading investigation.

The 35-year-old Nordea employee suspected of earning 35 million kronor ($5 million) from illegal share deals will be held in custody for at least two weeks.

Detention proceedings were held behind closed doors after the 35-year-old’s lawyer, Hans Strandberg, explained his client’s stance.

“He rejectscalls for his detention since he denies having committed a crime,” said Strandberg.

The second main suspect, a 34-year-old man who works for Cevian Capital, was told he was free to go after the afternoon’s detention proceedings. The suspicions against him remain but were not considered sufficiently strong to merit keeping him in custody.

Police searching the 34-year-old’s property found three million kronor in cash, as well as smaller sums of Indian rupees, American dollars and Thai bath.

One more company has now been drawn into the scandal. According to newspaper Dagens Nyheter, the 33-year-old man who was taken into custody earlier this week is employed by Electrolux.

“It is regrettable,” company spokesman Anders Edholm told the newspaper.

The man was arrested on Monday, before being released the next day. He is however still suspected of involvement in the affair.