Amsterdam prosecutors probe Net firm amid allegations of insider trading.
Published:
14 November 2000 y., Tuesday
Amsterdam prosecutors probe Net firm amid allegations of insider trading.
Dutch prosecutors on Monday raided the Amsterdam offices of Internet service provider World Online NV, hoping to dredge up information linked with alleged insider trading at the ISP before its initial public offering earlier this year.World Online, which is expected to merge with Italian ISP and telecommuncations company Tiscali SpA, said it is cooperating with officials from the Dutch government. A source close to the company said the probe should not have any impact on the completion of the Tiscali deal, which was valued at about $4.9 billion when announced formally a week ago.
The raid comes seven months after World Online's former Chairman Nina Brink resigned amid speculation that she had improperly sold World Online stock before the March 17 offering. Brink departed under a cloud of legal action from shareholders who say an undisclosed sale of her 9.5 percent stake for about 6 a share hurt market confidence in the ISP. The stock debuted at 43, but immediately went into freefall.
The prosecutors were discussing alleged insider trading and were seeking documents connected with the matter, said a person close to the company.
In a statement, prosecutors said that the investigation was a criminal one, and confirmed that World Online was cooperating, but said no further details would be released until the investigation was concluded.
Brink declined to confirm or deny that she was a target of the investigation, but said, through a spokeswoman, that her house had not been raided.
Tiscali had no immediate comment on the raid and gave no indications as to whether the investigation might create obstacles for its takeover of World Online.
Šaltinis:
CNNfn
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Standard & Poor's (S&P) affirmed Lithuania's long-term investment grade sovereign foreign currency BBB credit rating and removed it from a CreditWatch negative position, citing government commitments to address deteriorating public finances.
more »
The EBRD-EIB Multilateral Carbon Credit Fund (MCCF) and Azerenerji Joint Stock Company are collaborating in order to promote energy-efficient power generation in Azerbaijan.
more »
U.S. President Barack Obama, meeting with the leaders of Mexico and Canada, called on all three nations hit by the global recession to avoid resorting to protectionism.
more »
A 10-year $75 million EBRD loan will finance the construction of a combined heat and power plant in the east Siberian city of Krasnoyarsk which is expected to improve energy efficiency and cut pollution by 14 percent thanks to the use of more environmentally-friendly technologies.
more »
The Directorate-General for Competition has issued a review of the aid schemes introduced by Member States and approved by the Commission during the financial crisis.
more »
Rescue planes from New Zealand have been taking part in a massive search for passengers after a ferry sank off the coast of Tonga. At least 27 people are missing.
more »
Courtney Adams has always loved cooking. As a kid she baked brownies for her friends and in college her apartment was the place to go to for a home-cooked meal. But she never thought she'd cook for a living.
more »
The European Commission has authorised, under EC Treaty state aid rules, a scheme offering reduced-interest loans to businesses investing in the production of environmentally friendly products, as part of the German package to tackle the current economic crisis.
more »
Ramūnas Bičiulaitis, former board member and financial director of AB LEO LT, starts working as head of the Finance Department of Danske Bankas.
more »
The EBRD has kept up a rapid pace in the syndicated loans market, defying difficult market conditions and pulling together nine deals so far this year, worth a total €1.2 billion.
more »