Cherry AB CEO Anders Holmgren Faces Insider Trading Charges

Published May 23, 2018 by Ivan P

Cherry AB CEO Anders Holmgren Faces Insider Trading Charges

Holmgren, who was appointed Cherry AB CEO in February last year, was arrested in the company's head office on Tuesday morning on insider trading charges.

Anders Holmgren, CEO of Cherry AB group, was arrested on Tuesday, May 22, during the search of the company's head office conducted by the Swedish Economic Crime Authority (EMB). According to the information released by Cherry AB, Holmgren has found himself a subject of insider trading charges.

Very Few Details Revealed

Apart from what's been announced in the PR from the company itself, not much is known about the circumstances surrounding the investigation and Holmgren's arrest. According to Swedish Privata Affarer, it is possible the authorities are looking into the purchase of SEK12 million worth of company's share in late March following the profit warning issued in November of 2017. Despite the last year's concerns, the company announced just last month they'll be able to beat the revenue expectations.

However, there is no official confirmation from this from the Swedish Economic Crime Authority. In their statement for the press, the EMB explained they can't reveal any specifics at this point in time because that could jeopardize the investigation. The statement did say that it is currently impossible to say what exactly will be investigated as this will depend on what evidence is gathered during the preliminary search.

Serious Implications

Although not much is known about the entire matter at this point, should Holmgren be charged and found guilty, he could be facing a penalty from six months to six years in prison according to Swedish laws. Anders Holmgren was appointed the company's CEO in February 2017.

Cherry AB has announced they have every intention of fully cooperating with the authorities during the investigation and they will be keeping the public up to date with any new details as they become available.

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