French court to begin Airbus insider trading trial
A long-awaited French corporate trial involving allegations of insider trading in the shares of Airbus Group gets under way on Friday, marking the climax of an eight-year investigation.
Seven current and former managers at Europe’s largest aerospace group, and two former industrial shareholders, are accused of trying to profit from inside knowledge of problems with two jet developments and a deteriorating financial outlook when they sold shares in what was then EADS in 2006.
Current managers facing trial include John Leahy, the sales chief of plane making subsidiary Airbus; Alain Flourens, who heads the planemaker’s A380 program; and Andreas Sperl, formerly the Airbus finance director and now chief executive officer of Airbus Group’s freighter conversion subsidiary EFW.
All deny the charges and are expected to argue that the trial should not be taking place because they have already been cleared by the French stock market regulator, highlighting a growing debate about “double jeopardy” rules.
The three-week Paris trial will take place without a jury in front of a panel of judges in an ornate chamber of the Palais de Justice.
The company itself is not on trial but has said it backs all those facing charges.
Source: Reuters- French court to begin Airbus insider trading trial
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