Cherry Fires Anders Holmgren Amid Insider Trading Accusations

Anders Holmgren, the former Chief Executive and President of Cherry AB betting company has been relieved of his duty by the company’s board of directors after being arrested under the suspicion of insider trading. The termination of his employment is effective immediately and Cherry is already looking for his successor.

The company’s chairman of the board, Morten Klein, comments: “Anders Holmgren has made valuable contributions as CEO of Cherry, but he is unable to perform his duties while facing accusations of severe insider trading. The board of directors has today decided to terminate his employment as CEO. In connection therewith, Anders Holmgren will also leave his assignments as board member in Cherry’s subsidiaries. As previously announced, Gunnar Lind is acting CEO and will remain in this position to ascertain that the group develops according to plan until a permanent CEO is appointed.”

Holmgren, who took helm of Cherry in 2017, was arrested on Tuesday May 22nd, after Swedish Economic Crime Authority carried out a raid of the company’s premises after accusing him of insider trading. The agency is investigating these allegations regarding Homlgren moving shares before a positive fiscal report for the company. He is facing jail time of between six months to six years if found guilty.

Upon the arrest of Holmgren, Cherry’s official statement read: “Cherry 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. Cherry will fully cooperate with the Economic Crime Authority in the investigation.”

The former CEO used to fill various executive positions for the company Betsson between 2000 and 2011. He ed Cherry’s board in 2015 and was named the CEO of the company in February 2017 after temporary filling the position following the departure of Fredrik Burvall. Towards the end of 2017, Cherry became the majority stake owner in Game Lounge Ltd.

Source:

“Anders Holmgren leaves Cherry, effective immediately”, Cherry Newsletter, May 25, 2018.