2 - 0
This site is dedicated to Ola Rollén’s innocence and acquittal from the insider trading allegations by the Norwegian economic crime authority (Økokrim).
During the period 24 April to 29 May, 2019 the Borgarting Court of Appeal (Borgarting lagmannsrett) heard the Norwegian economic crime authority (Økokrim) appeal of The Oslo City Court’s unanimous verdict of Ola Rollén’s acquittal. The verdict, announced 26 June 2019, was the same as the first time around: acquitted. On 05 July, 2019 Økokrim announced its decision not to appeal this time. Thus, Rollén’s acquittal from the insider trading allegation is forever final.
Background
On 15 March, 2017, the Norwegian economic crime authority (Økokrim) announced its decision to indict Ola Rollén for insider trading in connection to an investment in a Norwegian company. The grounds for the indictment were proven meritless by Rollén’s lawyers.
Ola Rollén was acquitted by The Oslo City Court in a unanimous verdict (announced 10 January, 2018).
Two weeks later, Økokrim announced its decision to appeal.
DID YOU KNOW?
Ola Rollén is the first investor in Europe – and possibly also in the Western world – to be indicted for insider trading due to ‘abuse’ of a share price increase entirely created by his investments and good name. MORE
Don't Miss
Latest Updates
WEBCAST
The series of facts and conclusions that have led to the Board’s unwavering support for Ola Rollén were presented on an audio webcast and conference call on 16 March at 10:00 CET (in English). Ola Rollén, Gun Nilsson, Christian B. Hjort (Rollén’s lawyer), Hans Strandberg and Olle Kullinger (attorneys hired on behalf of Hexagon’s Board), and Knut Bergo (Norway’s leading expert on insider trading) were available for questions.
Summary of Conclusions
Three independent reasons why Rollén did not commit insider trading:
- The information possessed by Rollén when trading in NEXT did not qualify as inside information.
- Even if it did, it related to Greenbridge’s own intentions and plans and therefore falls under Safe Harbour (i.e. nothing illegal).
- The transactions were under no circumstances motivated by information received from NEXT but rather based on Rollén’s independent analysis. Thus, there was no misuse of information.
Watch the full webcast here or listen to relevant segments below.
Statement from Gun Nilsson, Hexagon’s Chairman of the Board (as of May 2017)
Gun Nilsson expresses the Board’s continued full support for Ola Rollén and how the Board’s standpoint remains unchanged – you are innocent until proven guilty. She also references the strong evidence that exists to support Ola Rollén’s innocence that will be presented on the call.
Listen
Ola Rollén’s Version of the Events that Led to his Arrest
For the first time Ola Rollén is able to present the facts behind the misunderstandings and the series of events that led to his disappointing arrest.
Listen
Hans Strandberg’s Independent Opinion
Hans Strandberg, hired by Hexagon’s Board, provides an independent legal assessment of the evidence proving Ola’s innocence.
Listen
Knut Bergo’s Expert Opinion
Knut Bergo, Norway’s leading expert on insider trading, provides further insight into Ola Rollén’s innocence.
Listen
Gun Nilsson Addresses Greenbridge
Gun Nilsson explains Board’s support for Greenbridge and assures precautionary measures to avoid future conflict of interest.
Listen
SUPPORTING INFORMATION
Information containing details supporting the case is posted below:
2018 Appeal
Two weeks after Ola Rollén was acquitted by The Oslo City Court in a unanimous verdict (announced 10 January, 2018) the Norwegian economic crime authority (Økokrim) announced its decision to appeal.
For answers to frequently asked questions surrounding Økokrim’s decision to appeal, please see FAQs.
Press Release|FAQs surrounding decision to appeal
2017 Verdict
Ola Rollén was acquitted by The Oslo City Court in a unanimous verdict (announced 10 January)
Full Verdict (NO|EN)
Summary of Verdict (NO|EN)
Press Release
Archive: 2017 Court Schedule
The 2017 court schedule of Ola Rollén’s case can be found here.
View Court Schedule
Parties and Timeline of Important Events Leading up to Indictment
Read the document to get an understanding of the various parties involved and the correct chronological order of important events.
Learn More
Indictment Information
Read details pertaining to Økokrim’s announcement of their decision to indict Ola Rollén on insider trading charges stemming from investments on behalf of Greenbridge Partners in Next Biometrics in October 2015.
Press Release from Ola Rollén’s Lawyers | Indictment (EN) | Indictment (NO)
Common Errors in Media Coverage
There are some common errors about the facts of this case that have routinely surfaced in the media. This document serves as a guide for media outlets to correct the errors.
Learn More
Share Movement Rationale
The share price reaction was a consequence of Greenbridge investing in NEXT and thousands of new Swedish investors pushing up the share price. The agreement fails to explain the significant share price effect and instead points to a “name-dropping” effect – where Ola Rollén and Melker Schörling triggered a massive influx of Swedish investors in NEXT.
Arrest Charge
The identities listed on Økokrim’s original charge from 13th October 2016, which led to Ola Rollén’s arrest on 26 October, were incorrect. The arrest charge stated two different entities when in fact there was only one – and that entity was a company, not a private individual named Ola Rollén.
Learn More
Webcast (March 2017)
The series of facts and conclusions that have led to the Board’s unwavering support for Ola Rollén were presented on an audio webcast and conference call on 16 March at 10:00 CET (in English). Ola Rollén, Gun Nilsson, Christian B. Hjort (Rollén’s lawyer), Hans Strandberg and Olle Kullinger (attorneys hired on behalf of Hexagon’s Board), and Knut Bergo (Norway’s leading expert on insider trading) were available for questions.
Summary of Conclusions
Three independent reasons why Rollén did not commit insider trading:
- The information possessed by Rollén when trading in NEXT did not qualify as inside information.
- Even if it did, it related to Greenbridge’s own intentions and plans and therefore falls under Safe Harbour (i.e. nothing illegal).
- The transactions were under no circumstances motivated by information received from NEXT but rather based on Rollén’s independent analysis. Thus, there was no misuse of information.
Watch the full webcast here or listen to relevant segments below.
Statement from Gun Nilsson, Hexagon’s Chairman of the Board (as of May 2017)
Gun Nilsson expresses the Board’s continued full support for Ola Rollén and how the Board’s standpoint remains unchanged – you are innocent until proven guilty. She also references the strong evidence that exists to support Ola Rollén’s innocence that will be presented on the call.
Listen
Ola Rollén’s Version of the Events that Led to his Arrest
For the first time Ola Rollén is able to present the facts behind the misunderstandings and the series of events that led to his disappointing arrest.
Listen
Hans Strandberg’s Independent Opinion
Hans Strandberg, hired by Hexagon’s Board, provides an independent legal assessment of the evidence proving Ola’s innocence.
Listen
Knut Bergo’s Expert Opinion
Knut Bergo, Norway’s leading expert on insider trading, provides further insight into Ola Rollén’s innocence.
Listen
Gun Nilsson Addresses Greenbridge
Gun Nilsson explains Board’s support for Greenbridge and assures precautionary measures to avoid future conflict of interest.
Listen
Did you know?
- A case of mistaken identity was the root cause for the authorities pressing charges against Ola Rollén in the first place.
(source: unanimous acquittal verdict, page 4) - This case is about a share price increase created by Ola Rollén’s own investments and name.
(source: unanimous acquittal verdict, page 30-31) - This is the only known insider related case where charges have been made against a person who has not realised any gains from the relevant transactions. On the contrary, the recipient is still holding a huge unrealised loss.
(source: market intelligence) - Not only did the prosecution (Økokrim) fail to prove that Ola Rollén was in possession of insider information in the district court, the court also concluded that it was highly probable that Ola Rollén did not act based on such information in connection with the relevant share transactions.
(source: unanimous acquittal verdict, page 30) - The prosecution (Økokrim) changed the scope of its charges and/or indictment against Ola Rollén several times during the course of the case leading the district court to conclude that it had to limit the trial of the case to information specifically mentioned in the indictment. Furthermore, the district court stated that even if it based its decision on the charges of the more ambiguous nature set forth in the indictment, the conclusion would be the same – Ola Rollén did not act based on any insider information in connection with the relevant share transactions.
(source: unanimous acquittal verdict, page 26-30) - During the proceedings before the trial in the district court, the prosecution (Økokrim) attempted to block all nine witnesses presented by Ola Rollén as evidence. However, only one witness (a Norwegian insider law expert) was not allowed as evidence based on the rule that a Norwegian court typically does not allow evidence about Norwegian laws
(source: decision by the district court in 2017)
Interesting News
An investigation into Økokrim’s case handling and internal processes following the wake of the Transocean case attracted considerable interest in the Norwegian business community.
Read more below.
- 1.5 Years After Parties in Transocean Case are Acquitted, Økokrim Faces Lawsuits Itself
14 January 2016: Norway’s white-collar crime unit (Økokrim) suffers an enormous loss of prestige and faces being sued itself. Read more (PDF) - Økokrim Announces Plans to Appeal After all Parties in 9-year Transocean Investigation are Acquitted
16 July 2014: After the Oslo city court acquitted all parties in the 9-year investigation Økokrim announces it plans to appeal parts of the judgment. Read more (PDF)
The Ola Rollén Case Inquiries/FAQ
In an effort to better serve Ola Rollén’s followers, if you have a question regarding The Ola Rollén Case, please feel free to submit your question(s) to olarollentruth@gmail.com and we will do our best to post your question and answer below. (Note: Unrelated, indistinct, and/or improper questions will not be addressed.)
24 April to 29 May 2019.
Two weeks after Ola Rollén was acquitted by The Oslo City Court in a unanimous verdict (announced 10 January) the Norwegian economic crime authority (Økokrim) announced its decision to appeal. The appeal was later granted on 9 May, 2018.
We will revert once we have the information.
We will revert once we have the information.
This question should be directed to the government officials in Norway.
A: Yes, the prosecutor has the right to appeal the verdict. Two weeks after Ola Rollén was acquitted by The Oslo City Court in a unanimous verdict (announced 10 January) the Norwegian economic crime authority (Økokrim) announced its decision to appeal. The appeal was later granted on 9 May, 2018.
A: In due time he will respond to questions.
A: Out of respect for the court I do not want to comment on the case. I will give my explanation to the court on Thursday, 02 November.
A: I don’t want to comment during the trial. I look forward addressing this question in court.
A: This will also be explained in court.
A: The acquisition of Next shares was a long-term investment. Greenbridge still owns all the shares.
A: The website is a private initiative from friends and family. I am the editor.
A: Yes, I will be present throughout the trial.
A: Hexagon’s CFO and EVP is appointed to lead the company when I am absent.
A: I have hired a skilled Norwegian team with lawyers who have prepared the case for the court
A: Because a surge of Swedish investors bought the stock that day! For more details read the post on the share movement rationale here.
A: Such investments are private and unrelated to Hexagon. It’s at each individual’s full discretion as to whether he/she wants to disclose ownership. A few Hexagon employees decided to privately invest in Greenbridge. An investor who is also a Hexagon employee can only be a passive investor and hence cannot have any operational involvement in Greenbridge. Learn more (PDF).
A: No, their investment is private and no different to any other private investments they may have. As stated previously, they are passive investors and not operationally involved in Greenbridge. Learn more (PDF).
Load More
LEGAL TEAM STATEMENT
C.B Hjort & Erik KeiserudIt is inexplicable to us that this case was not declared dead after the district court's judgment. After almost three years, we still do not see that Økokrim has succeeded in coming up with a single argument that this would mean abuse of inside information. (April 2019)
We expected an acquittal from the start and are of course satisfied that the charges brought against Ola were dismissed by the Court. (January 2018)
We are disappointed in Økokrim’s decision. We believe that the case against Ola Rollén is based on a misconception of the rules that apply. We remain convinced that the court will recognise there is no case against him. (March 2017)