Minister of Migration Tobias Billström: Photo:: Henrik Montgomery/Scanpix.

Minister in hot water for stock deal

Minister of Migration Tobias Billström has come under public fire for purchasing 30,000 shares in mining company Northland Resources only a few days before the government was informed of a plan to restructure the failing company, according to a report by Swedish Television.

In a written statement, Billström says that he understands "why the question has been raised, and that the deal can look a little but odd," but he insists that he had no prior knowledge of the impending rescue plan.

Sweden's Finance Minister Anders Borg gave his reaction to news agency TT." I think we should be very cautious and careful (when buying shares)."

Half of the government's 24 ministers hold shares in companies according to the latest list of government securities from July, writes TT.

The largest shareholder in the government is the Minister of Agriculture, Eskil Erlandsson, who has shares in 27 companies , worth nearly SEK 6 million, according to TT.

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