Banker Qviberg indicted for fraud

Businessman Mats Qviberg is being indicted for fraud, according to the Swedish Economic Crime Authority.

In 2010, the Swedish Financial Supervisory Authority revoked the license of HQ Bank, where Qviberg was the chair of the Board. The authority had determined that the bank was in serious danger of collapsing. A week later, it was forced to be liquidated, and soon after, the Swedish Economic Crime Authority began a preliminary investigation into accounting crimes and fraud, and the new board of HQ AB claimed Qviberg was responsible for the bank's crash.

The prosecutor told news agency TT that the bank was not following the rules when it  was reporting its profit-making activities, and that Qviberg had the legal responsibility to follow the rules.

Qviberg's lawyer questions the legal action and tells news agency TT that there are no grounds for this indictment.

Four other people are being indicted in the case as well.

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