Migration minister faces insider trading probe

Migration minister faces insider trading probe
Sweden's Migration Minister Tobias Billström is to face an insider trading investigation over his purchase of shares in a troubled mining firm just days after the confirmation of a bailout.

The Economic Crimes Bureau (EBM) and the Financial Supervisory Authority (Finansispektionen – Fi) have launched a joint investigation into whether Billström had access to insider information when he bought shares in the ailing mining company Northland Resources.

There is no indication as to whether any criminal investigation has been initiated, and according to EBM the minister is not suspected of any criminal offence.

The Minister for Migration and Asylum Policy snapped up 30,000 shares in Northland Resources last February. He made the purchase just days after the cabinet office was told the ailing mining company was due to get a bailout.

Broadcaster TV4 has previously reported that information regarding the bailout for the mining company had reached the Government Offices five days before Billström brought his shares.

Billström has admitted that “it might look strange” but denies all wrongdoing. His colleague Peter Norman, Minister for Financial Markets, got the information about the bailout and said he’s not sure if Billström knew of the rescue package also.

Billström told TV4 news that he had no more information than the market at large when he made the purchase and that his shares are currently managed by a trustee.

His shares have not turned out to be a sound investment with the stock continuing to fall and losing 90 percent of its value in the last six months.

The investigation is expected to be completed in a few weeks.

The Local/pvs

Follow The Local on Twitter

Member comments

Become a Member to leave a comment.Or login here.