EQT Partners AB updates
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Swedish regulators have opened a study on the financial crisis in the EQT financial market after a large portion of $ 2.7bn was sold by senior executives.
Shares on EQT fell 6% on Friday morning after the Swedish Financial Supervisory Authority He said They look at whether one of Europe’s largest corporations has violated the rules of the market by failing to articulate its contents.
Several EQT shareholders have expressed outrage over the sale of $ 2.7bn by private equity firms over the past year.
EQT announced this month that its former and former predecessors, including chairman and founder Conni Jonsson and senior Christian Sinding, have sold 63m shares in the group representing about 6% of the capital and 11% of top executives.
Under a closed contract from EQT’s 2019 IPO shares those shares were not to be sold until September 2022. But a company based in Stockholm He said on Sept. 7 for stocks to sell, which increases the volume of stocks.
“We see the need for the market to rely on what has been developed, for example, when a company makes an IPO,” Sverre Linton, attorney general of the Sweden shareholders’ Association, told the Financial Times. “There can be no doubt for potential investors if the commitment to the closure is permanent or not, and you don’t have to be a well-trained lawyer or financial expert to get to know yourself.”
EQT also announced on September 7 that another 8% of its payroll would be released in 2023 with shares that remaining partners opened between 2024 and 2028. In EQT funds, the company added.
The secrecy group, which has about € 71bn in control and the main shareholder in it is the Wallenberg family’s investment vehicle, Investor, told Swedish authorities on September 7 of “urgent dissemination of inside information”. The Swedish FSA asked a week later for more information and based on this it has now launched an investigation.
Jonsson justified selling shares at the time and helping to encourage EQT participants and raise revenue. He added: “It’s also about EQT for future analysis. The company will benefit from strong governance, strong alliances, and enhanced ownership.”
Norwegian $ 1.4tn oil bill, one of the largest businesses outside of EQT, voted against Jonsson’s re-election at this year’s annual conference, stating that he was not independent and that “elections that are at risk of anti-interest should have some security”.
EQT said on Friday that it had continued discussions with the Swedish Financial Supervisory Authority, and continued to believe that it “had met the time of accurate internal reporting… Now it is important that this process be done.”