Norwegian authorities have dropped an insider trading investigation involving Bø municipality's mayor Sture Pedersen. The case centered on allegations from former chief financial officer Ibrahima Mboob, who claimed the mayor pressured him to engage in illegal insider trading. Mboob filed a formal police complaint late last year through his legal representative.
The investigation faced multiple delays during its review process. Police cited officer illness as one factor that prolonged the case. Investigators ultimately decided to close the file without pressing charges.
Police Inspector Steffen Ravnåsen confirmed the case's status. He stated the initial dismissal was appealed but upheld by higher prosecutorial authorities. This marks the final decision in the matter.
Mayor Pedersen described the experience as unusual. He noted he never received official notification about either the complaint or the case closure. Media reports served as his primary source of information throughout the process.
The mayor maintained his regular work schedule despite the allegations. He expressed limited awareness of the case details and declined to provide extensive comments. He described the situation as something he hasn't devoted much thought to during his daily responsibilities.
Mboob has chosen not to comment on the case's dismissal. Police officials have provided no additional statements beyond confirming the investigation's closure.
This case highlights Norway's strict approach to financial ethics in public office. Norwegian municipalities operate under transparent governance standards that make such allegations particularly serious. The quick dismissal suggests investigators found insufficient evidence to proceed, though the appeal process indicates the complexity of such cases.
Insider trading cases remain relatively rare in Norwegian municipal politics. The country's robust regulatory framework typically prevents such situations from arising. When allegations do surface, they undergo thorough scrutiny before reaching resolution.
The case's closure allows Bø municipality to focus on regular operations without ongoing legal uncertainty. For international observers, it demonstrates Norway's commitment to resolving such matters through proper legal channels rather than media speculation.