Posted on: November 18, 2022, 12:58h.
Final up to date on: November 18, 2022, 01:32h.
LeoVegas’ director of company finance and investor relations Philip Doftvik was certainly one of three males detained final week by Swedish authorities. They have been held on suspicion of insider buying and selling, gaming enterprise outlet EGR studies.
Doftvik, 36, and two different males who haven’t any direct connection to the corporate, Alexander Westerdal and Radomir Danilovic, have been arrested on November 10. Doftvik has labored for LeoVegas since 2015.
All three are suspected of constructing trades “price hundreds of thousands” of Swedish Krona on LeoVegas shares whereas occasion to privileged details about MGM Resort’s intention to amass the corporate.
“In response to the courtroom’s choice, there may be possible trigger for the suspicion of significant insider buying and selling and there may be threat that the investigation of this matter will likely be obstructed until they’re detained,” a spokesperson for the Stockholm District Courtroom informed EGR.
Doftvik Oversees M&A
MGM’s $600 million bid was introduced on Might 2, 2022, inflicting LeoVegas’ shares to skyrocket by 42% in at some point.
The unlawful trades are suspected of getting been made in February, March, and April by Doftvik, in March and April by Danilovic, and in April by Westerdal, based on the Stockholm District Courtroom.
The corporate’s board had recognized in regards to the deal greater than 5 months previous to the Might announcement, Swedish monetary newspaper, Dagens Industri, reported.
Doftvik isn’t a LeoVegas board member. However as company finance director, he oversees the corporate’s M&A exercise. This included its 2016 IPO and acquisition of Royal Panda, based on his LinkedIn web page.
This contradicts a press release made by the LeoVegas press supervisor early within the week which confirmed an organization worker had been arrested, however claimed it was not a “individual on the board or administration staff.”
“As an organization, we set excessive requirements for ourselves with regards to regulatory compliance, and since June, we have now cooperated with the authorities of their investigation,” the spokesperson added.
On line casino.org has contacted LeoVegas for remark. The corporate had not responded on the time of publication.
Three Extra Suspects
The District Courtroom additionally revealed to EGR that there are three extra suspects within the case. These suspects haven’t been named or arrested at the moment.
LeoVegas’ Stockholm places of work have been raided by Sweden’s Financial Crime Authority (SEC) on June 7 this 12 months. Later that day, the company introduced it had launched a preliminary investigation into the potential insider buying and selling of the corporate’s shares.
This didn’t deter MGM in its pursuit of LeoVegas. The large-money deal was finalized in September 2022.