|
Team executive fined for inside trading |
|
Friday, 25 July 2008 |
Jul.25 (GMM) Former formula one team official Victor Muller, the
founder and former Spyker chief executive, has been fined $150,000 for
insider trading.
The Dutch financial watchdog AFM (Autoriteit Financiele Markten) ruled
that Muller, now chief designer of the specialist car maker, passed
knowledge about Spyker to a bank, the newspaper Financieele Dagblad
reported this week.
Spyker, which last year sold the Silverstone based formula one outfit
to the team's current incarnation Force India, refused to comment.
The Dutch newspaper, however, said the case dates back to when Spyker was involved in formula one.
Reportedly, Muller emailed the undisclosed bank in the middle of last
year, advising it not to sell shares in the company because a "positive
press release" was shortly due to be released.
The AFM, which imposed the heaviest penalty possible, said the breach was a "very serious violation" of the law.
|
