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Główny temat z dnia Czwartek, 4. Październik 2007


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Insider dealings revealed at EADS


Most directors of the aeronautic firm EADS and its main shareholders Lagardère and Daimler Chrysler apparently carried out massive sales of shares in 2005 and 2006 for fear of a future devaluation of bonds. It seems they were aware of delays in the construction of A380 and A350 airplanes, constructed by the EADS airbus subsidiary. The French State, equally a shareholder, was also aware of coming turbulence. This is what the Autorité des Marchés Financiers (AMF), a financial market regulation body, revealed in a report published in the French daily Le Figaro on Wednesday, October 3rd, ten days after the Paris Public Prosecutor received it.


Süddeutsche Zeitung - Niemcy

Michael Kläsgen doubts it will be possible to gather legal proof of the alleged insider trading at EADS. "The investigators will neither be able to establish a date after which it was known for certain within the company that there would be delivery delays, nor will they be able to establish a connection between the sale of shares and alleged knowledge of the problems. And finally, they be able to prove that those suspected of having been in the know could have foreseen that once the problems entered the public domain shares in the company would plunge by 26 percent. ... But even if the affair should come to trial, it's unlikely that anyone will be sentenced despite the plausibility of the facts and their moral culpability." (04/10/2007)


Neue Zürcher Zeitung - Szwajcaria

"The insider trading scandal at the European Aeronautic Defence and Space Company EADS is taking on frightening dimensions," Andreas Uhlig observes. "Only a few members of the upper management appear not to have been involved - in particular the new boss Louis Gallois and Chief Financial Officer Hans Peter Ring. ... The scandal is also reflecting badly on Daimler Chrysler. If suspicions are confirmed, certain individuals could be sentenced to two years in prison and be forced to pay a minimum fine of 1.5 million euros and a maximum fine of ten times the profit gained from the alleged dealings. EADS would have to restructure its management at a broader level. Even the two principal private shareholders have been discredited, so that not only the management structure but also the ownership structure will have to be revised." (04/10/2007)


Les Echos - Francja

Patrick Lamm considers that shareholders are not the only suspects in the affair. "[The French State] is not beyond accusations, for, informed of the airbus difficulties, it failed to carry out its duty as a shareholder and sound the alarm bell. More generally, with often politically coloured decisions it aggravated governance that swiftly proved to be EADS's Achilles' heel. ... At any rate, these latest developments are inciting an urgent review and reshuffle of the EADS decision makers. The 'historical' shareholders who are not motivated any more should be encouraged to step down very fast. It is indeed not sure that the group needs shareholders of reference in the future. A 'golden share' should suffice to shelter it from coveting." (04/10/2007)


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