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Electronics Production | February 12, 2008

Power electronics company bosses jailed

The National Authority for Investigation and Prosecution of Economic and Environmental Crime has charged the CEO of Norway based power supplier designer and manufacturer Eltek ASA and his associate for insider stock trading.

Eltek ASA has been informed that Økokrim (The Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime) has charged CEO Morten Angelil and the managing director of Nera Networks AS Lars Jervan for insider trading. The charge relates to trading in 2003. The two gentlemen have been in jail since last week. The Eltek Group supply energy systems and transmission systems for telecommunication infrastructure The company also offer other information and communication related services. Eltek carries out its business through three main companies and their subsidiaries: Eltek Valere (energy systems), Nera Networks (transmission) and Nera Telecommunications (telecom and infocom). The Group has almost 3,000 employees worldwide, has offices in 39 countries and does business in over 100 countries.
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