Investment bank is now being investigated by the Financial Supervisory Authority of Norway.
SalmonBusiness has previously stated that three stockbrokers in Arctic Securities are heavily invested with shares in Atlantic Sapphire. They’re not alone.
An overview prepared by Dagens Næringsliv shows that seven employees are sitting on shares worth NOK 33 million (EUR 3.2 million) in Atlantic Sapphire.
Arctic Securities has close ties to Atlantic Sapphire. The investment bank was a financial adviser in connection with the company’s share issue and stock exchange introduction. Arctic has also worked as a market maker to strengthen equity liquidity. Furthermore, Arctic has received fees for banking services from the company, albeit not in the last 12 months.
In recent weeks, Arctic Securties has received a lot of media attention due to its liberal relationship with its own trading in equities for its employees. Arctic has now introduced a full halt to employees trading among the people working in the bank.
The most popular shares in the investment bank are Vaccibody, Atlantic Sapphire and Aker Biomarine, owned by 14 and seven employees (similar for Atlantic Sapphire and Aker BioMarine).
While the brokers own shares for NOK 247.3 million (EUR 24.6 million) in Vaccibody, Atlantic Sapphire shares are valued at NOK 33 million (EUR 3.2 million) and Aker BioMarine shares at NOK 4.8 million (EUR 0.4 million). In addition, employees own shares for NOK 4.3 million (EUR 0.4 million) in Icelandic Salmon.