“We have devoted considerable resources during the past year to document that we did not breach the law, and we maintain that no insider information was given in this case.”
Norway’s partly state owned bank DnB NOR accepts the fine imposed by the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) following claims of a breach of insider rules.
DnB NOR maintains that no unlawful insider information was given in the case, and wishes to point out that the case against the bank’s employees has been dropped, the bank says in a market statement Wednesday.
Økokrim launched an investigation against DnB NOR in the autumn of 2008 following claims of insider trading in Treasury bills.
The authorities has dropped the case against the employees in DnB NOR, but has imposed a penalty on the Group, entailing a fine of NOK 12 million and a forfeiture order amounting to NOK 14 million.
“We have now spent one and a half years on this case, and it has been a heavy burden for the employees involved and for the bank. Now we wish to put the matter behind us by accepting the fine,” group executive vice president, Trond Bentestuen, says in the statement.
Bringing the case to trial would be resource-intensive and a strain for the bank for an extended period. DnB NOR accepts the fine based on an overall assessment of what will be in the best future interests of the bank.
“We wish to point out that Økokrim has dropped the case against the bank’s employees. We have devoted considerable resources during the past year to document that we did not breach the law, and we maintain that no insider information was given in this case,” Trond Bentestuen says.