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Stock Exchange reports trading of Metro to the Swedish Financial and Economic Crimes BureauMonday, 06 February 2012
Trading of the shares of free newspaper Metro which is partly owned by Kinnevik that recently made a bid for the whole company will be a matter for the Swedish Financial and Economic Crimes Bureau to look into.
The Investment Company’s chief executive, Mia Brunell says that they have no evidence of any leaks, but refers to articles on Swedish media. It will be investigated whether there has been a deliberate attempt to stir up the market in anyway or an insider trading that went wrong.
Stockholm Stock Exchange will report Friday's suspicious stock trading of the Metro shares to the Swedish Financial and Economic Crimes Bureau according to Swedish news agency, TT.
"It is quite common in this kind of bid situation that there are large price movements before the offer is published. As a rule, we report them to the Swedish FSA, which in turn will take them to the Economic Crimes Bureau, "said Annika von Haartman, Head of Stock Exchange monitoring.
"It is typical in these cases that it would be suspected that someone is acting on inside information and our threshold for reporting suspicions of such trading is quite low. We are also required by law to report these transactions."
Metro's shares leaped over 20 percent on Friday, shortly after 11 o'clock based on excerpt of analysis made by the bank, SEB dated February 2 which it started recommending that that investment in Metro should be pursued.
Between middays to 16 o’clock of that Friday, Metro's shares were on the new rise and shortly after 16 o'clock the stock market halted the trading of its shares on the basis that everyone in the market did not have the same information about the information relating to the company.
By Scancomark.se Team