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Metro places employee on leave over insider trading probe
December 6, 2017 / 11:37 AM / 7 days ago

Metro places employee on leave over insider trading probe

DUESSELDORF, Dec 6 (Reuters) - German retailer Metro has placed an employee on leave while prosecutors investigate multiple officials for possible insider trading and market manipulation, a spokesman for the company said on Wednesday.

The person, who is not in a managerial role, has been placed on leave on full pay until suspicions of insider trading have been cleared up, the spokesman said, confirming a report in Handelsblatt.

“The principle of innocent until proven guilty applies”, the spokesman added.

The investigation centres on the flow of information ahead of a Metro announcement on March 30, 2016, about plans to separate its wholesale and food business from its consumer electronics chain to speed growth, sending its shares 12 percent higher.

The chief executives of Metro and Ceconomy, the consumer electronics business, are among those being investigated. The companies have denied the accusations.

Reporting by Matthias Inverardi; Writing by Victoria Bryan; Editing by Louise Heavens

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