Two more insider trading suspects detained

Stockholm District Court called on Friday morning for the detention of two further suspects in Sweden's ongoing insider trading scandal.

Neither of the two men – a former employee of Carnegie and a second suspect from Nordea – were present at detention proceedings.

According to prosecutors, the 38-year-old Luxembourg-based Nordea employee is suspected of having helped one of the main suspects in the case – referred to by local media as ‘Nordea Man’ – to make his share dealings appear legal.

“He intends coming to Sweden in the very near future,” said defence counsel Tomas Nlsson, who also announced that his client denies having committed any crime.

Nilsson refused to comment on the 38-year-old’s absence form the courtroom.

“I have explained this behind closed doors and can not go into it now,” he said.

The court also ordered the detention of a 33-year-old Dane employed by Carnegie stockbrokers at the time of the suspected crimes.

Unlike the public prosecutor, who suspected the man of involvement in four instances of insider trading, the court found that he should be charged for his part in three illicit share deals.

The court will decide later on Friday whether to detain the two main suspects, ‘Nordea Man’ and ‘Cevian Man’, for a further two weeks.

Nordea Man’s 35-year-old wife and an employee of Electrolux are also suspected of having had a role to play in the insider trading scandal.