– Given the scope of Finnes’ transactions, there is no evidence that he has overall hit strikingly well with his investments in terms of “timing”, writes Økokrim in its justification. At 12 o’clock Økokrim will hold a press conference. – After a thorough review, we have not found that there is any evidence that criminal activities have taken place, says Økokrim chief Pål K. Lønseth at the press conference on Friday morning. He says that Økokrim must assess whether there are reasonable grounds to investigate whether a criminal offense exists. – In this case, there is a complex assessment, because, as you know, share trading in itself is a legal and desirable activity in our economic system, he says. – There must be evidence that a criminal offense has been committed in order for us to open an investigation, he continues. Lønseth says Økokrim has assessed the case both with the information provided by Finnes himself, in addition to data from Finanstilsynet and Verdipapirsentralen. They have also looked at information from date-stamped media cases. Before the decision was taken, Økokrim investigated Finnes’ dealings in connection with several companies and incidents. Nordic Mining ASA Nordic Mining ASA is a listed company that plans mining operations in Norway. On 30 September 2013, Sindre Finnes invested approximately NOK 12,500 to buy 33,000 shares in the company, writes Økokrim. – On 3 and 4 October 2013, he bought an additional 57,500 NOM shares for NOK 23,575, the statement further states. The share purchases were made in the time before the Solberg government presented the government platform in the autumn of 2013. Then the government opened the door to allowing marine landfill for the mineral industry. Indications that the authorities would allow sea disposal could have an impact on the price of Nordic Mining’s shares, Økokrim believes. At 12 o’clock Ecocrime chief Pål K. Lønseth will hold a press conference about the Solberg case. Photo: Mohammed Alayoubi – Regarding the last two purchases, we assume that there was no inside information available at the time of purchase. It cannot be ruled out that this is different for the first purchase. In any case, that relationship became obsolete on 30 September, which Økokrim was aware would occur. – In any case, it would not have been appropriate to initiate an investigation for a transaction of the order of NOK 10,000 which dates back ten years, writes Økokrim further. Norsk Hydro ASA In 2016, the Solberg government adopted a change in the law which meant that companies, such as Hydro, could own public power companies. news and several other media houses have previously written that Erna Solberg may have been incompetent in connection with the decision, because Finnes had shares in Norsk Hydro. Økokrim has investigated whether Finnes may have traded shares in the company on the basis of inside information. – Sindre Finnes owned 2,000 shares in Norsk Hydro throughout the year 2016. Finnes did not trade in Norsk Hydro during the year 2016, and therefore cannot have acted on possible inside information this year, writes Økokrim in the justification. NEL ASA NEL is a hydrogen company that is listed on the Oslo Stock Exchange and operates internationally. Sindre Finnes has made more than 200 purchases and sales in the NEL share, as well as in various financial products linked to the share. In the justification from Økokrim, it is stated that the authorities have on several occasions come up with proposals that could strengthen investors’ appreciation of NEL. The transactions of Finnes related to NEL have, in sum, yielded considerable profit. – Our investigations show that Finnes did not own shares in NEL when the authorities came up with their proposals. Possible knowledge of not yet published plans from the authorities therefore does not seem to have been exploited by Finnes when he bought shares in NEL, writes Økokrim. Shutdown and pandemic measures Sindre Finnes bought and sold shares in the days before Norway shut down in March 2020. However, Økokrim writes in its justification that it is difficult to see in Finnes’ trading pattern that he positioned himself with knowledge that Norway would shut down. New pandemic measures came in the autumn, but Økokrim writes, among other things, that Oslo Børs seems to be unaffected by the pandemic measures that were announced. Several companies In the reasons for Økokrim that became known on Friday morning, Økokrim also commented that Sindre Finnes trades in the companies Mowi, Nekkar ASA, Nordic Nanovector (now Thr Medical), Hexagon Composites, DNB, Golden Ocean Group Ltd, Aker BP, Belships, IDEX Biometrics and Wallenius Wilhelmsen. Økokrim’s conclusion is therefore that it does not open an investigation against Conservative leader and former prime minister Erna Solberg or her husband Sindre Finnes. In the decision document for Økokrim, it is stated that the trades are assessed against several elements that often characterize insider trading: Trading frequency: Whether there is little or a lot of trading in the paper. Insider trading often takes place in securities that the trader has not previously traded in or has traded little in. Trading volume: Whether the paper is traded in small or large volumes. The person who has inside information will often make larger investments in the security about which he has inside information. Profit: Insider trading can be characterized by large profits. Significant gains assessed against trading history (frequency, volume, time horizon) are therefore relevant. Buying and selling ahead of significant price movements: Insider trading takes place ahead of insider information becoming known in the market and affecting the value of the securities. Links to the issuer: Links may indicate access to price-sensitive information at the same time as the transaction took place. In this case, this means in particular whether Erna Solberg may have had access to inside information that relates to transactions Finne undertook.
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This is how Økokrim justifies the decision – news Norway – Overview of news from different parts of the country
