The Swedish FSA has denied the application of Megaks Holding AB to purchase shares in the hedge fund management company Mangold Fonder AB.
The company is the present manager of the former Kullberg & Spiik hedge funds Edge and Explora. The reason given by the FSA is that the Megaks ownership circle has relations with Kullberg & Spiik.
The FSA has also decided that certain individuals and pension trusts are not allowed to represent their holdings in Mangold Fonder.
Kullberg & Spiik was denied a license to manage Megaks in January 2006 following FSA allegations concerning trading and money transfer irregularities. The case remains without a final conclusion as an Appellate Court decision in favor of the FSA has just been appealed by the company.