German prosecutors searched office and home of Deutsche Boerse chief in insider trading probe
Prosecutors in Germany have searched the home and office of Deutsche Boerse’s chief executive as part of its probe into alleged insider trading, it emerged today.
The Public Prosecutor’s Office of Frankfurt is investigating a €4.5m (£3.8m) share purchase by Carsten Kengeter in December 2015, shortly before Deutsche Boerse agreed to the terms of a merger with the London Stock Exchange. Since the purchase, Deutsche Boerse’s share price is up around 11 per cent.
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The prosecutor revealed in a statement today that it is investigating the suspicion that the talks between the companies began between July or August and early December 2015.
The body today confirmed that yesterday, 1 February, officials searched Kengeter’s Deutsche Boerse office and his private residence in Frankfurt.
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Deutsche Boerse chairman Joachim Faber described the accusations against Kengeter as “groundless”, while the London Stock Exchange issued a statement this morning saying:
LSEG welcomes the strong statement of support by Joachim Faber, chairman of the supervisory board of Deutsche Boerse who has described the allegations related to Carsten Kengeter as without foundation. We look forward to working towards completion of our proposed merger.