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'More arrests' expected in insider trading case

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13:03 CEST+02:00
A prosecutor investigating Sweden's largest ever insider trading case has said that more people could be arrested in the near future.

Proceedings are due to open against the two men so-far identified by prosecutors as the key figures in the case. They are being referred to in media as 'Cevian Man' and 'Nordea Man', named after their places of work.

The start of proceedings could be delayed, however, due to the continuing investigation. This could mean the accused men sitting on remand until the investigation has progressed further.

Stig Åström, one of two prosecutors leading the investigation, said on Monday that further arrests were possible, but would not say how many people were in the investigation's sights:

"I don't want to speculate about that," he told news agency TT.

Åström added that he has "lots of interviews" planned for the next few days, which could lead to further arrests.

"Lots of things are going to happen now. Things are happening both in my part of the case and in the part of the case being handled by [prosecutor] Robert Engstedt."

The insider trading led to profits of "tens of millions of kronor," according to prosecutors. Insider trading takes place when people use information that is not publicly known to buy and sell shares at an advantageous point in time.

'Nordea Man's' lawyer agreed on Thursday to extend the man's remand by one week after prosecutors asked for more time. Cevian Man will on Wednesday have spent two weeks on remand, after prosecutors appealed a court's decision to release him.

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