Cherry AB has been informed that the Swedish Economic Crime Authority has initiated an investigation for insider crime as a result of share trading by Cherry’s CEO, Anders Holmgren.
The company’s Stockholm headquarters were searched on in relation to the probe, with Holmgren arrested.
Holmgren is being replaced by Gunnar Lind, chairman of the Cherry Audit Committee, as acting CEO of the Stockholm-listed firm, as the investigation progresses.
Cherry said it will “fully cooperate with the Economic Crime Authority in the investigation”.
The firm said they will return with more information as soon as more details can be presented.