Cherry CEO arrested over insider trading suspicion

The executive has been arrested after a raid was carried out at one of Cherry’s offices.

Sweden.- Chief executive of Cherry AB, Anders Holmgren, has been arrested this week on suspicion of insider trading. The Swedish Economic Crime Authority raided one of Cherry’s offices on Tuesday and decided to arrest the executive the same day.

“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,” said Cherry in a statement shortly after the arrest took place.

Holmgren has been working as chief executive at Cherry for more than a year, and he also joined the board in 2015 as a key adviser for the firm’s growth strategy. Gunnar Lind, chairman of the audit committee at Cherry, will replace Holmgren as acting chief executive officer while the investigation continues.