Wed, Dec 06, 2006
Investigation Into Fishy Stock Sales Leads To Further
Questions
EADS may have known the A380 was in
trouble as far back as February this year according to French
newspaper Le Monde. The information comes from an inquiry by AMF,
France's market regulatory agency.
AMF is looking into rumors of insider trading. As Aero-News reported earlier this
year, several EADS and Airbus higher-ups --
including Airbus' former CEO Noel Forgeard -- sold their company
stock just before the official June announcement of new delays with
the A380 program. The stock crashed the day following that
announcement.
A few days later French police raided Airbus' company
headquarters in Toulouse, France looking for evidence.
Fallout from the badly timed stock sales may have had much to do
with Forgeard's decision to resign in early July.
Germany's industrial conglomerate DaimlerChrysler and France's
defense giant Lagardere are also under the microscope as both moved
to reduce their stakes in Airbus by 7.5-percent in April. In an
ironic twist, DaimlerChrysler was one of the loudest voices
clamoring for Forgeard's resignation following news of the police
raids in Toulouse.
Le Monde says AMF's investigation has now revealed 800 EADS
employees may have been involved in the stock sell off. Among the
employees under scrutiny are Fabrice Bregier, currently the
managing director at Airbus, and Francis Auque, head of EADS
Space.
Lawsuits filed on behalf of several investor groups claim EADS'
directors were warned of likely A380 delays at a board meeting in
early March.
More News
Light Gun A handheld directional light signaling device which emits a brilliant narrow beam of white, green, or red light as selected by the tower controller. The color and type of>[...]
"The journey to this achievement started nearly a decade ago when a freshly commissioned Gentry, driven by a fascination with new technologies and a desire to contribute significan>[...]
Aero Linx: JAARS, Inc. For decades now, we’ve landed planes on narrow rivers and towering mountains. We’ve outfitted boats and vehicles to reach villages that rarely se>[...]
"Our driven and innovative team of military and civilian Airmen delivers combat power daily, ensuring our nation is ready today and tomorrow." Source: General Duke Richardson, AFMC>[...]
Aircraft Conflict Predicted conflict, within EDST of two aircraft, or between aircraft and airspace. A Red alert is used for conflicts when the predicted minimum separation is 5 na>[...]