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Police drop inquiry into Swedbank's ex-CEO

Updated onsdag 20 april 2016 kl 10.56
Published onsdag 20 april 2016 kl 09.31
Swedbank's former CEO Michael Wolf. Photo: Anders Ahlgren / SvD / TT.
Swedbank's former CEO Michael Wolf. Photo: Anders Ahlgren / SvD / TT.

Swedish police have closed their investigation of insider trading by Swedbank's former chief executive, saying there wasn't enough information to accuse him of a crime.

The lawyer for former CEO Michael Wolf said he was told last night that the Swedish Economic Crime Authority would not continue with its inquiry and did not file any charges against Wolf.

"I am relieved it has been proved that I am completely innocent of the accusations brought against me, by the fact that the investigation was so quickly dropped," Wolf wrote in a statement. "I have been sure the whole time that I have always followed all laws and regulations, which has now been confirmed by the prosecutor."

Wolf's lawyer Leif Gustafson told news agency TT he heard the news after receiving a telephone call from the prosecutor Tuesday night. The authority issued a press release Wednesday morning confirming the investigation was over.

Swedbank's board fired former CEO Michael Wolf in February partly over several property deals it deemed inappropriate that Wolf had signed off on.

After firing Wolf, Swedbank also reported him to Sweden's Financial Supervisory Authority for suspected market abuse.

Wolf has been self-critical for allowing the investments, but has denied any actual wrongdoing and called his firing and subsequent accusations a "smear campaign".

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