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Has Wirecard boss violated the ban on insider trading?
Posted by
Otto Knotzer on May 30, 2020 - 12:17pm
The financial regulator BaFin takes a close look at the recent share purchases by Wirecard CEO Markus Braun. "We are looking at whether the purchase violated the trading ban," said a BaFin spokeswoman on Friday. Braun had purchased Wirecard shares for EUR 2.5 million on Thursday. Braun's investment vehicle - MB Beteiligungsgesellschaft - stated that there was no legal objection to the share purchase.
Actually, people with managerial functions are not allowed to buy shares in their own company 30 days before the publication of the annual report in order to put a stop to possible insider trading. Wirecard plans to publish its multi-postponed annual report for 2019 on June 18. If a company has already provided comprehensive preliminary figures, the ban does not apply. In mid-February, the Dax group reported preliminary sales of 2.8 billion euros and EBITDA of 785 million euros.
