OSLO (Reuters) - Swedish industrial technology firm Hexagon (HEXAb.ST) said Ola Rollen would remain CEO even though he faces an appeal against his acquittal in January over insider trading charges.
A Norwegian appeals court said earlier on Wednesday that it agreed to hear an appeal by prosecutors against Rollen’s acquittal of the charges. They related to his 2015 purchase of shares in Norway’s Next Biometrics (NEXT.OL), which is not connected to Hexagon.
At the original trial, prosecutors asked for an 18-month prison term for Rollen, one of Sweden’s best known business leaders. Rollen was unanimously acquitted by an Oslo court on Jan. 10. He maintained his innocence during the trial and has continued to run Hexagon, which he has led since 2000.
“Rollen looks forward to this matter reaching a conclusion in the Court of Appeal,” his lawyers said in a statement, adding that they still believe the case had no merit.
The court announced its decision after the close of trade on the Stockholm stock exchange. Hexagon’s shares, which fell sharply on the initial news of an investigation in October 2016, rose to all-time highs following the acquittal.
“This decision doesn’t change anything; thus, Ola will continue as Hexagon’s president and CEO with the board’s full support,” Chairman Gun Nilsson said in a statement on Wednesday.
A date for the new trial had not yet been set.
Reporting by Terje Solsvik; Editing by Elaine Hardcastle and Susan Fenton