• Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

  • Money creation made easy

    Changing the money creation system may be simpler than we think, says Edward Ingram.

Data provided by McGregor BFA
All data is delayed
See More

Exec charged with insider trading

Jul 11 2008 13:49

Related Articles

Airbus warns of more delays

EADS probe deepens

Paris - The head of a German EADS subsidiary, former top Airbus executive Andreas Sperl, was charged on Friday with insider trading at the aerospace group, judicial sources said.

Sperl, a 61-year-old German national, is accused of using inside knowledge about production delays at Airbus, the main subsidiary of the European Aeronautic Defence Space Company(EADS), to make massive gains on share sales.

A former Airbus chief financial officer who now heads an EADS plant in Dresden in estern Germany, Sperl is the first serving senior manager to be charged in the probe, in which three former EADS bosses have so far been indicted.

Sperl was ordered to pay 200 000 euros in bail and released under strict conditions including that he regularly report to police.

He was taken in for questioning by French financial police on Wednesday.

France's financial market regulator AMF said in a report that Sperl sold 58 000 EADS shares in November 2005 and March 2006, earning €816 000 before Airbus revealed delays with its A380 superjumbo.

The announcement in June 2006 of a six-month delivery delay on the new A380, the world's largest airliner, threw EADS and its 100-percent-owned Airbus aircraft unit into crisis and caused the EADS share price to plunge.

The former boss of Airbus, German Gustav Humbert, and two French former EADS executives, Noel Forgeard and Jean-Paul Gut, have already been charged with insider trading for selling shares during the same period.

The AMF report cited 17 executives and former heads as having engaged in insider trading: 9 French nationals, 4 Germans, 2 Americans, 1 Finn and 1 British national.

Sperl issued a statement on Wednesday saying he was convinced he had "acted in full accordance with applicable law and internal rules."

"At the same time, I am relying on being treated fairly and I am confident that French justice will reach the same conclusions," he said.

The board of EADS on Wednesday reaffirmed its support for Sperl and said he would continue to fulfil his duties as general manager of EADS subsidiary Elbe Flugzeugwerke, which converts passenger aircraft into cargo planes.

- Sapa



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.

Cope loses members to ANC

President of the Cope Youth Movement, Abel Rangata, and three other Cope members have resigned from the party to join the ANC.


Latest elections multimedia

11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille
The EFF's ad was banned, see why
Why Jack Parow wants you to vote on 7 May

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...