BERLIN (Reuters) – Deutsche Boerse said it has agreed to pay hefty fines for its role in allowing its chief executive to make share purchases which became the subject of insider trading allegations, hoping to draw a line under the case.
Deutsche Boerse CEO Carsten Kengeter made the share purchases shortly before the announcement of formal merger talks with London Stock Exchange and a subsequent sharp rise in Deutsche Boerse’s share price.
July - Exchange - Operator - Frankfurt - Prosecutor
In July, the German exchange operator said that the Frankfurt prosecutor had offered a deal to settle the case for fines totaling 10.5 million euros ($12.5 million), but that it needed to deliberate on how to proceed.
On Wednesday it said it had decided to accept the fines to protect the interests of the company but maintained that the allegations were unfounded in all respects.
Deutsche - Boerse - Company - Business - Burdens
“By doing so, Deutsche Boerse aims to ensure that the Company can re-focus as quickly as possible on managing the business and leave behind the serious burdens placed on it by the investigation proceedings,” it said in a statement.
“Deutsche Boerse, however, does not share the Public Prosecutor’s view concerning the accusations raised,” it said.
Investigation - Shadow - Exchange - Operator - Efforts
The investigation has cast a shadow over the German exchange operator’s efforts...
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