Never seen that before. It looks like there is an elastic band on the side. That band plus the shape of the flap makes me think it is designed to hold and protect a flashlight as well as the tool. I'd guess something like a 2xAA style like a mini maglite. Edit: found it! I was close, seems it's for a 2xAAA light http://www.voyager-shop.e...0-belt-pouch-4052703.html
I've wanted a pouch like that for a long time but gave up on the search since it seemed impossible to find.It is indeed made for the Swisstool + 2xAA Maglight and I always thought it had the appearance of a gun holster.