Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Bois Sauvage boss detained, shares suspended

Source: Reuters - Fri 11th Sep 2009

The head of Compagnie du Bois Sauvage SA has been detained over alleged insidertrading in Fortis and the company's shares have been suspended, the Belgian holding company said late on Thursday.

The company is under investigation over 3.6 million Fortis shares it sold for 19.5 million euros ($28.4 million) on Oct. 3, just before the Netherlands announced the nationalisation of Fortis's Dutch operations, the first step in the group's carve-up.

Bois Sauvage chief Vincent Doumier was taken into custody on Thursday on charges of fraud and insider trading.

"The board of directors maintains full confidence in its chief executive and forcefully confirms that no offence was committed," the company said in a statement.

Chairman Guy Paquot would temporarily assume the role of chief executive, the company said.

The board had also asked the Belgian financial markets regulator to suspend trading in Bois Sauvage shares up to and including Monday.

Fortis shares, which had previously been regarded by many market participants as a safe investment, fell to below 1 euro after the break-up from more than 5 euros just before.

Belgian media have said the insider trading, if proven,could lead to a fine of 45 million euros.

Fortis was carved up by the Dutch, Belgian and Luxembourg governments in October after an 11.2 billion euro cash injection failed to calm investors. ($1=.6860 Euro)

Comment on this Story

Be the first to comment on this Story !!

Recommended Items