Hexagon CEO detained for insider trading in Next Biometrics

October 31, 2016 - 

Ola Rollén, the president and CEO of Swedish technology firm Hexagon, has been detained for questioning in Norway in connection to insider trading in Next Biometrics, according to a report by Business Insider Nordic.

The Norwegian economic crime authority chose to detain him in order to secure evidence, according to a press release from Hexagon.

In October 2015, Ola Rollén and Hexagon chairman of the board, Melker Schörling, invested 120 million SEK (US$14.5 million) in Next Biometrics through their investment firm Greenbridge Partners.

Following this investment, Next Biometric’s stock price increased by over 80 percent, which Swedish media interpreted as being the result of established names investing in the company.

In its press release, Hexagon said that the investigation is stemming from personal investments unrelated to the company.

“We argue that the charge is based on a misinterpretation of the factual and legal issues in the matter,” Ola Rollén’s lawyers said in a press release.

“I have received the statement from Christian B. Hjort and Erik Keiserud, Ola Rollén’s lawyers, and I have complete confidence in Ola Rollén,” Schörling said in the press release. “During 16 years of close collaboration, I have never had to question his judgement.”

Hexagon CFO and vice CEO Robert Belkic will act as deputy CEO during the time Rollén is detained.

Previously reported, NEXT Biometrics Group held its Capital Market Day at Hotel Continental in Oslo, Norway, where it announced its third quarter revenues reached 28.4 million Norwegian crowns (US$3.5 million).

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.