Companies

Air Berlin board members accused of insider trading

Two board members of Air Berlin – including chief executive Joachim Hunold - are at the centre of an insider trading investigation carried out by the Stuttgart public prosecutor’s office. It is alleged that the accused purchased €1.5m of Air Berlin shares prior to the announcement of the acquisition of rival airline dba.

Also involved in the investigation are three division managers and a sixth unnamed individual. Police have searched the offices and homes of the accused and confiscated documents.

Hunold said he purchased shares at the beginning of June 2006 simply because the lock-up period imposed by stock market regulations had come to an end and he wanted to send a positive signal to the market. He added that, as he has not yet sold any shares, he has not realised any profit.

July 2007