The French insider share dealing probe into the stockmarket activity of former senior members of EADS closed in to the company's headquarters yesterday, hours before the Airbus A380 certification ceremony in Toulouse.
Police raided the headquarters of EADS and Lagardère yesterday morning, souring the mood at the event that had originally been intended as a high-profile event. Investigators presented search warrants at two companies' Paris headquarters as part of an investigation led by investigating magistrates Philippe Courroye and Xavière Simeoni that had been opened on 20 November.
Prosecutors are focusing on the sharedealing of former EADS co-chief executive Noël Foreagrd and other senior members ahead of the hitherto secret series of delay announcements of the A380 programme. News of the hold-ups wiped millions of euros off the value of the company, but there are allegations that Forgeard et al held back the bad news until stock was sold. Forgeard has denied any wrongdoing. Forgeard resigned as chief executive in June.
The insider dealing probe was started by France's Financial Markets Authority but has now become a criminal investigation.
Source: FlightGlobal.com
