Legal

Kindred board member Lundborg steps down amid insider trading investigation

1 minute read
Unibet operator Kindred has announced that board member Stefan Lundborg will resign from this position with immediate effect as he is the subject of an inside trading investigation from the Swedish Economic Crime Authority (SECA).

The operator said it was co-operating with SECA as well as the public prosecutor and it had no further information on the investigation.

Kindred chairman Anders Ström said Lundborg had no choice but to resign during the investigation and added that there were no similar suspicions of wrongdoing against anyone else on the board. Ström himself announced yesterday that he would not stand for re-election as non-executive chairman at the company’s 2021 annual general meeting, and would instead leave the operator’s board.

“The resignation of Stefan Lundborg was unavoidable considering the investigation against him by the Swedish Economic Crime Authority,” Ström said. “The board would like to emphasize that no other representatives of the company have been served any suspicion of misconduct and neither is the company itself under any suspicion”.

In October, Kindred announced that it had seen record growth in the third quarter of 2020, as gross winnings revenue was up 24% year-on-year to £280m.

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