A raid on Metro’s German main office took place recently, as part of an insider trading and market manipulation investigation. Metro says it is fully cooperating with the investigation.
Insider knowledge about split
Germany’s Federal Financial Supervisory Authority BaFin opened an investigation a while back, targeting Metro’s chairman Jürgen Steinemann’s actions, according to De Tijd.
Steinemann acquired 1 million euros’ worth of shares shortly after he was appointed in February 2016. Only a month later, it was revealed Metro Group would split into two separate, independent companies: Metro AG and Ceconomy. The stock prices shot up and BaFin suspects Steinemann took full advantage of his insider knowledge, which prompted it to ask the court to investigate. Another member of the board is also allegedly involved.
Metro vehemently denies there was any insider trading. “When shares were purchased, there was no insider knowledge about the split”, a spokesperson said. The company says it has done everything required when it announced the split and that it will collaborate fully with the investigation.
