Merkel Top Aide Tied to Insider Trading Scandal

 

Exchange NewsWire

 

Feburary 13, 2017

http://erdesk.com/newswire.html

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DB1 CEO Carsten Kengeter talked about a merger with LSEG to Lars-Hendrik Röller, one of Angela Merkel’s top advisers, in November 2015, before acquiring 60,000 DB1 shares. According to Der Spiegel

 

Insider trading suspicions against Deutsche Börse chief Carsten Kengeter took a new turn Friday after a German media report that he discussed merger plans with the London Stock Exchange with a government official shortly before a large share purchase.

Der Spiegel news weekly reported that Kengeter told Lars-Hendrik Roeller - an economic advisor to Chancellor Angela Merkel - in November 2015 that he was "basically in agreement" with the LSE over a planned merger.

 

Frankfurt prosecutors announced last week that they had opened a probe against the Deutsche Börse CEO on suspicion of insider trading after he bought around 4.5 million euros ($4.8 million) worth of his own firm's shares in December 2015.

 

Those shares increased sharply in value after the announcement of the LSE merger plans in February 2016.

 

Investigators say they suspect merger talks between executives at the two stock market operators in fact began in July or August 2015 and ran until early December.

 

Deutsche Börse says the shares were part of the normal executive pay programme - and that in any case, the two stock market operators did not open tie-up talks until January 2016.

 

Asked about the report in Der Spiegel, which did not cite any sources, a Deutsche Börse spokesman told AFP the operator was cooperating with the insider trading investigation.

 

A chancellery spokeswoman told AFP it does not comment on meetings held by Merkel's economic advisors.

 

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