What a complete travesty of a decision.
I do NOT doubt that Team Ninja has made this game borderline pornographic, and just inappropriate in a number of ways, BUT: while all of Scandinavia bans pornography featuring anyone under 18, the sexual minor age is 15. The girls in this game are not paid for the photos but are participating for fun, hence, it is not pornography in the traditional sense, and 16 should be fine. In any case, the age of the photographer is not disclosed. For all we know, the girls could be shooting each other.
Furthermore; Denmark and Norway simply have no child pornography laws covering fiction in the first place.
Concerning the full Scandinavian ban, I can only assume that Bergsala, being a swedish company, fear legal jeopardy even if they only released the game outside Sweden (which includes Finland too, but I guess people just ignore them out of habit.)
Or, they feel the release becomes too unprofitable without the swedish market.
I don't believe either, though, and I think in the end the decision just indicates Bergsala not wanting their reputation tarnished among the swedish public and fellow businesses.