Swedish gaming group Cherry confirmed in a Tuesday, May 22, 2018, statement that its Chief Executive Officer Andres Holmgren is the current subject of a Swedish Economic Crime Authority investigation.

In a brief press release, the online casino operator stated, “[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. During the morning, the Swedish Economic Crime Authority has performed a search at the head office of Cherry AB and in relation to this event, the company’s CEO, Anders Holmgren, was arrested. Cherry will fully co-operate with the Economic Crime Authority in the investigation. During the period of the investigation, Gunnar Lind, chairman of the Cherry Audit Committee, will be acting CEO of Cherry.”

News of the raid reportedly saw shares of Cherry AB (STO:CHER-B) fall by upwards of 7% in mere minutes, to SEK64.4 (€6.3), before recovering to approximately SEK67.1 (€6.6).

In business since 1963, Cherry invests in and manages companies throughout the value chain for the gaming industry and operates within five diversified business areas, Online Gaming through ComeOn, Game Development through Yggdrasil Gaming and Highlight Game, Online Marketing through Game Lounge, Gaming Technology through XCaliber, and Restaurant Casino through Cherry Spelglädje.