Sat, Oct 06, 2007
Enders Says November '05 Sales Were Above-Board
It looks bad... but Airbus CEO Thomas Enders passionately denies
commiting insider trading by dumping shares of parent company EADS
ahead of public disclosure of problems with the Airbus A380.
As ANN reported this week,
the French government says investigators have determined "massive
insider trading" was conducted by 21 top managers in 2005 and
Enders -- who was co-chief executive at EADS during that time --
sold off large amounts of stock in November 2005. He maintains the
sales were perfectly legal, and had nothing to do with subsequent
revelations of a second delay in production of the Airbus A380
"I have never committed any insider trading, and I have not been
accused of insider dealing by anyone, including the AMF," Enders
wrote in a letter to Airbus employees this week, obtained by Dow
Jones Newswires. "I categorically refute the allegations and
insinuations in the press."
Reports of the investigators' claims were made public Wednesday
in the French daily Le Figaro. The report stated AMF -- the French
stock market regulator -- sent a letter to the government, focusing
attention on stock sales conducted by about 20 senior managers and
EADS shareholders, as well as EADS partners Lagardere SCA and
"I explained in detail to the AMF only two weeks ago that when I
exercised my stock options in November 2005 there was no reason to
believe that it would be improper to sell EADS shares at that point
in time," Enders said.
The investigation continues.
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