The origins of the trial date back six years, when HQ Bank lost its banking license and was forced into liquidation. The case centered around a dispute over whether the valuations placed on HQ Bank’s trading activities followed the necessary regulations.
The prosecution claimed that the bank had not done that, and that valuations were too high. The court however judged that the bank had followed the rules.
“In some cases minor deviations from the regulations did occur, but these deviations did not occur in a way that could establish accountability for fraud,” the court concluded.
Among those cleared of fraud charges is Mats Qviberg, a former partner in the firm that owned HQ Bank. His lawyer said he was content with the outcome.
“I’m very content for everyone. This was obviously a relief,” Hans Strandberg told TT.
“If the sentence evaluates that no-one has been misled, then it’s remarkable that there was a prosecution without adequate expert opinion and only referring to the financial supervisory authority,” he added.
The former HQ Bank boss took to social media following the outcome, writing: “not an entirely surprising but still a long-awaited decision. Thanks for all the support!”.
Inte helt oväntat men ändå ett otroligt efterlängtat beslut. Tack för allt stöd! pic.twitter.com/AN47dPa2dA
— Mats Qviberg (@MatsQviberg) June 21, 2016
Qviberg has previously sued the Swedish state over the Economic Crime Authority’s handling of criminal allegations against him.