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Management

Hexagon CEO Detained, Investigated for Insider Trading

The charge is based on ‘misinterpretation of the factual and legal issues in the matter,’ say attorneys

Published: Tuesday, November 1, 2016 - 07:46

(Quality Digest: Chico, CA) -- Hexagon CEO, Ola Rollén, was detained in Norway on Oct. 29, 2016, on suspicion of insider trading stemming from personal investments unrelated to Hexagon.

According to the company, the Norwegian economic crime authority has accused Ola Rollén of insider trading in connection to an investment in the Norwegian company NEXT Biometrics Group ASA in October 2015 by Greenbridge Partners, a technology investment company founded by Rollén and Swedish businessman Melker Schörling, who is also the chairman of the board at Hexagon.

Following a decision by the district court in Oslo, Norway, on Oct. 29, Rollén was detained, based on the economic crime authority’s need to secure evidence. He will be released on November 4.

“With regard to the ongoing investigation, I cannot comment on the specific contents of the charge other than that the charges involve illegal insider trading in a Norwegian company and that the amounts are significant,” says Norwegian prosecutor Marianne S. Bender. “The maximum sentence for insider trading is six years imprisonment.”

The insider trading investigation stems from personal investments unrelated to Hexagon, say Rollén’s attorneys, Christian B. Hjort and Erik Keiserud. His lawyers argue “that the charge is based on a misinterpretation of the factual and legal issues in the matter.”

“I have received the statement from… Ola Rollén’s lawyers, and I have complete confidence in Ola Rollén,” says Schörling. “During 16 years of close collaboration, I have never had to question his judgment.”

Rollén firmly denies the accusations and does not admit to any guilt.

“The acquisition of 284,341 shares in Next Biometrics was done by the private equity fund Greenbridge Partners, which at the time was being founded in order to complete a long-term investment in Next Biometrics,” say Rollén’s attorneys. “The shares were acquired according to normal procedures in the market place, and were not based on any insider information.”

“Ola Rollén hopes that the investigation will confirm the actual circumstances as soon as possible,” say the attorneys. ”He has been fully cooperative with authorities to ensure that the case has all relevant information. He wishes to provide no further comments before the economic crime authority has completed the investigation.”

“He deeply regrets the harm that this incident and investigation will cause for Hexagon, Greenbridge Partners, and himself,” the attorneys noted.

During the time period that Ola Rollén is detained, Hexagon’s CFO and executive vice president, Robert Belkic, will be acting CEO for Hexagon.

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