Sven Hagströmer and his long-term business partner Mats Qviberg have announced that their holding firm Öresund is to be divided in the wake of a scandal involving the now defunct HQ bank.
Swedish investment bank HQ, which was forced into liquidation last year, said Monday it aimed to seek compensation from former board members, top executives and the company accountant for its woes.
Fighting back tears, outgoing HQ Chairman Mats Qviberg admitted on Tuesday that he was briefed daily on the trading operations of the now-defunct HQ Bank.
The board of embattled Swedish financial concern HQ, helmed by CEO Mats Qviberg, was cleared on Friday of all liability regarding the company's collapse following an audit.
Swedish investment bank HQ has failed to find a solution to enable it to continue trading and the process of involuntary liquidation has been set in motion, the bank confirmed in a statement.
The board of crisis-hit Swedish financial concern HQ has announced a preferential rights issue to shore up the company's finances by up to a billion kronor ($134 million).
The board of embattled financial concern HQ Bank, including founder Mats Qviberg, have resigned a day after the bank announced the extent of the losses incurred by the closure of its trading portfolio.
Swedish investment firm Öresund has been has been authorized by the Financial Supervisory Authority (Finansinspektionen - FI) to buy its investment fund operation HQ Fonder.
Financial services group HQ must immediately strengthen its finances and will temporarily sell its fund management company HQ Fonder to its principal owner Öresund for 850 million kronor ($105.07 million).
