On Friday morning, police and prosecutors searched several offices of Metro Commercial group for suspicion of insider trading. Metro cooperate “fully” with investigative authorities, said a spokesman of Düsseldorf company. The Financial supervisory Board of BaFin reported that it had “refunded advertisement due to suspicion of insider trading and market manipulation in shares of Metro AG”.
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The Metro spokesman rejected accusation of insider trading. A spokesman for Düsseldorf Public Prosecutor’s office did not want to speak at first, but he announced a statement for Monday.
According to Metro AG, it is a question of allegations against supervisory board chairman Jürgen Steinemann as well as a member of Board of Management. At time se shares had been purchased, re was no insider information. Metro AG had communicated news of planned splitting up on 30 March 2016 “on time and in compliance with relevant regulations”, group announced.
Shares for a million
Steinemann has bought a report from Spiegel Online on February 22nd, 2016, shortly after his election to top of panel, for well a million euros 43,000 shares of Metro AG. In addition to Steinemann, or board member also bought shares before splitting announcement. At end of March 2016, group announced its splitting.
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Since division of group, grocery store continues to run under name Metro, business with electronics of two chains Media Markt and Saturn under name Ceconomy. Steinemann was chairman of supervisory Board of old Metro Group and n became chief overseer of new Metro AG.
Metro is one of leading trading companies in world and made a turnover of around 58 billion euros in fiscal year 2015/2016. Approximately 220,000 people work for group.
