All acquitted in HQ trial

Stockholm City Court has cleared Mats Qviberg, Stefan Dahlbo, Curt Lönnström, Mikael König and auditor Johan Dyrefors of fraud charges in connection with the HQ banking scandal.

The origins of the trial date back to August 2010, when the Swedish Financial Supervisory Authority (FSA) withdrew HQ Bank’s licence, as prosecutors at the Swedish Economic Crime Authority claimed the bank and its parent company HQ had not followed International Accounting Standard 39 when valuing options in the trading portfolio. Yesterday the Stockholm court ruled that HQ’s method of calculation was permissible.

Chief prosecutor Martin Tidén says he wishes to read through the court’s ruling before he decides whether to appeal.