IC Company, the result of the recent merger between wholesale and retail businesses InWear and Carli Gry, has reported huge losses in its first set of accounts amid allegations of insider trading, claim reports in the Danish press.

Investors have so far lost 625 million Danish Kroner, while the 17.4m shares in IC Company have lost 42 per cent of their value since the two companies amalgamated in March this year, revealed Danish daily Berlingske Tidende.

It added that just a few hours before the news was announced, one lucky shareholder managed to get rid of 150,000 shares - the largest amount that has been sold in the new company in recent months.

Just three hours after the sale the 150,000 shares had dropped 600,000 Danish Kroner in value, with the shares in question traded whole the directors were still holding the board meeting over the accounts.

The amalgamation has not just cost investors money as accounts for the first six months show a pre-tax loss of almost 250,000 Danish Kroner.

IC Company's brands include InWear, Matinique, Part Two, Jackpot, Cottonfield and Peak Performance, with the business selling to around 4,800 retailers throughout Europe.