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French authority confirms EADS insider trading

Latest update : 2008-04-01

French financial authority AMF confirmed the existence of massive insider trading at European company EADS, and plans to pursue its inquiry. EADS denied the accusations.

PARIS, April 1 (Reuters) - European aerospace group EADS
declined comment on Tuesday on a report that French regulator
AMF would single out 17 current or former executives for further
investigation on accusations of insider trading.
 

Les Echos reported the AMF had reaffirmed its suspicions
against 17 of 21 people targeted in an earlier draft report on
the fallout from production delays at Airbus in 2006 and would
also pursue the company for issuing "misleading information".
 

The draft report was leaked last year and found evidence of
"massive" insider trading in EADS by people involved in the
company in the months leading up to an A380 production crisis in
mid-2006.
 

EADS and individuals involved have all denied wrongdoing.
 

The AMF's college of experts considered the contents of its
final report on Monday in conditions of exceptional secrecy and
the AMF was expected to issue a statement probably on Tuesday.
 

"We have no comment," a spokesman said, asked about the
report in Les Echos.
 

An AMF spokeswoman had no immediate comment.
 

The disclosure of the second and most serious of three
delays in deliveries of the world's largest passenger plane
sliced a quarter off the EADS share price in June 2006.
 

The announcement came weeks after core shareholders
Lagardere and Daimler had reduced their holdings and several
executives exercised stock options.
 

If the AMF decides to pursue the accusations it can report
the matter to its sanctions committee for possible penalties and
must inform the people concerned.
 

It can also report the matter to prosecutors, who have 
mounted a separate investigation.

Date created : 2008-04-01

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