SEB recommended its clients to buy shares of AP Møller-Maersk, based on the undisclosed information obtained from the company's head of investor relations, writes the Swedish business newspaper Dagens Industri (DI). Copenhagen Stock Exchange will now review the transaction.
On April 11, the head of investor relations of AP Møller-Maersk, Henrik Lund met with the SEB analyst, and on the same day SEB sent its clients information with recommendation to buy the shares of Møller-Maersk before the quarterly publication of results on May 11, and then to be willing to sell them right away.
The analyst wrote to clients that the employee of Møller-Maersk had given him instructions to decide on whether the bank's assessment of the company's shares are in accordance with the Møller-Maersk's performance. The bank analyst said that the bank's forecasts had been too modest in Lund’s opinion, writes DI.
The Copenhagen Stock Exchange is now investigating what happened. If SEB Enskilda clients have bought shares on the basis of the undisclosed information, it can be considered as exploitation of inside information, the Copenhagen Stock Exchange representative told the newspaper.