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Hexagon CEO Ola Rollen was arrested on Oct. 26, 2016 over
alleged insider trading in Norway concerning deals not related
to the Swedish firm. Rollen, who denies the allegations, was
charged earlier this month.
Hexagon issued a statement regarding the arrest only on Oct. 31,
citing a lack of clear information regarding Rollen's detention
until that point.
But the Nasdaq Stockholm exchange said in a statement on
Thursday that the information received by the company had been
specific enough to allow it to inform markets earlier.
The exchange's disciplinary committee also criticized Hexagon
for not informing markets in its statement of how it intended to
address the situation, though also it also cited mitigating
circumstances.
"Given the surprising nature and severity of the situation in
which Hexagon found itself and the challenge of applying the new
Rule Book ... the Disciplinary Committee determined that the
sanction should not exceed a fine of two annual fees," it said.
Companies pay an annual fee to be listed on the exchange.
Rollen, one of Sweden's most successful chief executives, has
been charged over insider trading in connection with an
investment in Norwegian company Next Biometrics ASA in October
2015. He has said he will stay on as Hexagon CEO.
($1 = 8.7913 Swedish crowns)
(Reporting by Niklas Pollard; Editing by Simon Johnson/Keith
Weir)
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