Transwede founder and former chief executive Thomas Johansson and ex-managing director Lars-Olof Svenheim have been cleared of defrauding the airline during their period in office at the Stockholm, Sweden-based scheduled and charter operator.

After a six-week investigation, Swedish state prosecutor Berndt Berger, could find no evidence of business transactions carried out, by the two executives which were injurious to the airline. The investigation is believed to have been dropped.

The present owners of the airline had filed a complaint against Johansson and Svenheim earlier this year (Flight International, 31 January-6 February), after having been unable to account for the whereabouts of nearly SEK180 million ($26 million).

Source: Flight International