It all started with a text message over three years ago and on Thursday the verdict will fall against the Scanian business leaders Dan Olofsson and Percy Nilsson.
Hi, Percy.
Will there be a bid for Victoria Park for SEK 38.
Insider information so as to be handled with care. ”
According to the Swedish Environmental Crime Agency, this text message from Dan Olofsson to his acquaintance, Percy Nilsson, on 2 May 2018, can be seen as a tip about a large real estate deal involving Olofsson's company Victoria Park.
Percy Nilsson, well-known builder and property developer, answers with a thumbs up and according to the indictment, he buys shares for the company for SEK 3.4 million via text message.
Once the real estate transaction becomes public the next day, the price increase for the shares is 8.8 percent.
The defense of the business leaders
Percy Nilsson believes that he had already decided to buy the shares before the text message arrived, but that the deal had not been completed before he received Dan Olofsson's text message.
Dan Olofsson, for his part, believes that the text message was the opposite of inside information.
- The prosecutor makes a reverse and completely incorrect interpretation of this and believes that I caused Percy Nilsson to commit insider trading.
What I have done is the exact opposite because a careful handling of inside information does not include illicit trading, Dan Olofsson has previously said in a press release.
The prosecutor demands community service
Prosecution was brought during the summer of 2020, but the trial did not begin until the autumn of 2021. A total of 14 people are charged with 27 charges.
For Dan Olofsson and Percy Nilsson, the prosecutor demands a suspended sentence with community service for a serious insider crime.
Both deny the allegations.
- I am as sure as you can be in my industry that he will be acquitted, Percy Nilsson's lawyer Lars Kruse has previously told SVT Nyheter Skåne.