Swede held in Panama for money-laundering

A Swedish man has been arrested in Panama together with a Dutchman on suspicion of laundering some $100 million as part of an international crime syndicate.

The two men were charged with “offences against the economic order of Panama” in late April, according to a report in the news website.

They are reported to be connected to a slew of offshore New Zealand finance companies, as well as a banking operation which is based in New Zealand but run from the central American tax haven Panama.

One of the Swedish man’s stable of registered companies offers credit union type entities in Sweden, according to the website.

The man is reported to have moved from Stockholm to Panama in 2006 or 2007.

His network of companies are registered with the New Zealand Companies Office financial services providers (FSP) registry and his main company Zealand Financial remains in operation.

Several websites tied to the Swede are also reported to remain in service and some of his companies are apparently continuing to solicit customers.

The pair were arrested following an investigation launched in 2011, instigated after a tip off from the British Embassy’s First Secretary in Panama.

The Swede was initially released on a $250,000 bail but this grant was since been overturned following an appeal by the prosecutor against organized crime.

The Local/pvs

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Stockholm stock exchange suffers worst day of 2018

The Stockholm stock exchange plunged by 2.8 percent on Thursday, making it the worst trading day of 2018.

Stockholm stock exchange suffers worst day of 2018
File photo: Stina Stjernkvist/TT
Stock markets across Europe suffered for the third day in a row as the arrest of a top Huawei executive in Canada has raised the spectre of an all-out trade war between the US and China.
For the Stockholm Stock Exchange, it meant a blood-red trading day that ended as the worst of the year thus far. The OMXS Stockholm 30 index fell by a combined 2.8 percent.
The majority of the companies on the index lost value, with the exception of Ericsson, which seemed to benefit from the news about its Chinese competitor Huawei with a 1.8 percent increase. Airline SAS also saw its stock increase, rising 4.2 percent thanks to sharp declines in oil prices. 
Among Thursday’s biggest losers was the mining company Boliden, which suffered a 6.1 percent drop. The stock of the Stockholm-based tech company Hexagon fell 5.6 percent.
Meanwhile, the stock of Swedish auto safety equipment manufactor Autoliv fell 6.1 percent on the news that it expects to pay some 1.8 billion kronor in fines as a result of an European Commission investigation into anti-competitive behavior in the EU. 
Stockholm was far the only European bourse to have a gloomy Thursday. The CAC index in Paris fell 3.3 percent, the DAX index in Frankfurt dropped 3.5 percent and the London Stock Exchange's FTSE index decreased by 3.2 percent.