STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Orc Group (STO:ORC):
Due to suspected fraud in Norway Neonet could make a bad debt loss of up to SEK 4.7 million. Neonet has taken legal action to protect its interests.
Neonet has requested and been granted sequestration of the customer and its Chairman of the Board's assets. It remains unclear whether there are assets to exploit the bad debt in whole or in part.
“We see the incident as an isolated event where we have taken action. Operations and other customer relationships are unaffected by the incident,” said Neonet Securities AB's President Fredrik Lindqvist.
About Orc Group
Orc Group (STO:ORC) is a leading provider of technology and services for the global financial industry. Orc Group delivers trading and market access solutions that are used by proprietary trading and market making firms, investment banks, hedge funds and brokerage houses worldwide.
The Orc Group serves customers through three business units, each with distinctive offerings:
· Orc develops and provides the tools needed to run profitable trading and brokerage businesses.
· Neonet is a global agency broker that offers professional market participants independent, high-speed execution services.
· CameronTec is the financial industry’s leading provider of FIX infrastructure and connectivity solutions.
With market presence in all global financial centers, Orc Group provides sales and support services from its offices across the EMEA, Americas and Asia-Pacific regions.
Orc Group is publicly traded on NASDAQ OMX Stockholm (SSE:ORC).
For additional information visit www.orc-group.com
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