Sweden Revokes HQ Bank Permit, Seeks Its Liquidation
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Sweden’s Financial Supervisory Authority revoked HQ Bank’s license to operate and applied for its liquidation, saying the company broke regulations.
“HQ Bank has demonstrated serious deficiencies in its trading operations,” the FSA said today in a statement on its website. “HQ Bank has overvalued its trading portfolio for a long time” and reported its financial position inaccurately.