Cherry CEO Remains In Detention — Weekly News Round-up for May 25, 2018

Cherry CEO Under Investigation

Arrested by Swedish Economic Crime Authority

In a short industry advisory, Cherry AB has informed of the arrest of chief executive officer Anders Holmgren by the Swedish Economic Crime Authority.

According to the advisory, Holmgren was investigated for insider crime as a result of share trading. He was arrested following a search of Cherry AB’s offices this morning (Tuesday).

“Cherry will fully cooperate with the Economic Crime Authority in the investigation,” the advisory reads.

Chairman of the Cherry Audit Committee, Gunnar Lind, will step in as acting chief executive officer for the duration of the investigation.

Cherry Ceo Remains In Detention (Update)

Suspected of “severe insider trading”

In another brief industry update, Cherry AB has advised that prosecutors have requested the Swedish court detain chief executive officer Anders Holmgren who is suspected of “severe insider trading as a result of share trading”.

Media speculation points towards Holmgren’s acquisition of SEK 12 million Cherry AB shares following a profit warning which was issued in April due to integration delays of its ComeOn subsidiary, however, no formal confirmation has been released.

The detention hearing will be held tomorrow (Thursday).

Cherry AB CEO Detained By Stockholm District Court (Update)

Reasonable grounds suspected for severe insider trading, court determines

In an industry update on the arrest of chief executive officer Anders Holmgren following an investigation by the Swedish Economic Crime Authority (see previous InfoPowa reports), Cherry AB said the Stockholm District Court had informed the company that it formally detained Anders Holmgren, on reasonable grounds suspected for severe insider trading, at a court appearance today (Thursday).