Investigations into whether Jesper Baernholdt, Carlsberg's former chief financial officer, passed on company information, which led to the Danish company being reprimanded by the Copenhagen Stock Exchange, has led to the ex-CFO being fined DKr20,000 (US$2,649).

The investigation was held after allegations some analysts were given information before the official release of Carlsberg's 2002 results. 

In a statement Carlsberg said: "The investigations as to whether an employee of Carlsberg passed on internal information in February 2002 have now been concluded. Under the given circumstances, the employee has accepted a fine of DKK 20,000."

Carlsberg said it was convinced that the employee had no intention of breaking any laws. Baernholdt continues to work at Carlsberg.

"Naturally, Carlsberg believes that any legislation relating to the stock exchange must be observed and that all market players must be treated equally," it concluded.