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DK: FOUR PERSONS INDICTED FOR MANIPULATING SHARE PRICES

November 10, 2013

By Ulla Danielsen,
Four persons in Denmark have been indicted with manipulating share prices under particularly aggravating circumstances.
This according to the Public Prosecutor for Serious Economic and International Crime (SØIK). The legal authority announced its indictments on November 7, 2013.
The case is centered around share purchasing executed by PARKEN Sport & Entertainment A/S.
The two companies PARKEN Sport & Entertainment A/S and FIH Erhvervsbank A/S are also indicted.
Two of the indicted persons are named, while two others remain mysteriously as of yet unnamed.
According to the indictment former chairman of PARKEN, Flemming Østergaard and former managing director Jørgen Glistrup were responsible, when PARKEN Sport & Entertainment back in 2007 and 2008 bought the company’s own shares.

TWO INDICTED CANNOT BE
NAMED FOR LEGAL REASONS

Further two persons are indicted in this important case. According to Danish tabloid Ekstra Bladet, one of them is employed by a bank – and the other is a hitherto unknown high level member of Parken’s management. Those two indicted persons cannot be named for legal reasons.
The indictment is centered around PARKEN’S repurchasing of its own issued shares from November 12, 2007 to October 24, 2008.
According to the indictment the exchange rate manipulation took place when PARKEN via FIH Erhvervsbank A/S bought approximately 95.000 denominations of its own shares in the market Nasdaq OMX to a value of approximately 113 million DKK.
PARKEN used the shares to stock option agreements and as payment in a specific project.
PARKEN is Denmark’s biggest football stadium. The plant is situated in the eastern part of central Copenhagen.

JUSTICE SHOULD BE
PUBLIC AND ORAL

According to the Danish constitution, Grundloven, justice should as far as possible be maintained in openness and with oral proceedings in the courts. Nonetheless namebans are used perpetually and regrettably also in the current indictments concerning market manipulation in PARKEN.

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