World BaFin employees traded more in Wirecard shares before bankruptcy
Theft of company secrets: Ex-Google employee has to go to prison
© dpa Anthony Levandowski has to go to prison. Former Google engineer Anthony Levandowski was sentenced to 18 months in prison for stealing internal documents. He also has to pay his former employer a compensation payment of $ 750,000. A US federal court has sentenced Anthony Levandowski to 18 months in prison. Levandowski pleaded guilty to stealing internal documents from Google after he left the company.
Frankfurt (Reuters) - Employees of the financial supervisory authority BaFin traded in the months before the Wirecard bankruptcy reinforced with papers from the payment provider.
In the first half of 2020, 2.4 percent of all reported private financial transactions by BaFin employees were transactions with Wirecard shares or share derivatives, according to Reuters replies from the Federal Ministry of Finance on Thursday to a catalog of questions from the Greens. In 2018 as a whole, the share was only 1.2 percent, in 2019 1.7 percent. Finance Minister Olaf Scholz (SPD) and the financial supervisory authority that reports to him, BaFin, have been criticized for the Wirecard scandal.
More than 300 nightclubs have filed for bankruptcy in France
© Getty Images / iStockphoto More than 300 nightclubs have filed for bankruptcy in France, still closed due to the coronavirus pandemic, according to the president of the national discotheque union . Still closed due to the coronavirus pandemic, nightclubs are facing numerous bankruptcies. They are more than 300 to have filed for bankruptcy according to Patrick Malvès, the president of the national union of discotheques.
The BaFin explained the increase in trade in Wirecard papers with the higher fluctuations in the share price due to media coverage and ad hoc reports from the company, according to the answer from the Federal Ministry of Finance. The increased Wirecard share transactions by BaFin employees are "not unusual or not conspicuous" compared to other Dax values, for which the volatility had increased.
According to the Ministry of Finance, around 20 percent of BaFin employees reported private financial transactions in 2019 and in the first half of 2020. They were all approved by the line managers. This confirmed that there was no knowledge of inside information about private financial transactions.
In the first half of 2020, based on the company's equity derivative transactions, 58 percent were acquisitions and 42 percent were sales. The extent to which BaFin employees have bet on exchange rate losses through short sales cannot be determined. No information is available on this.
Wirecard had to file for bankruptcy at the end of June. The investigators accuse the former CEO Markus Braun and other managers of having inflated the payment provider's total assets and sales through sham deals at least since the end of 2015. On this basis, banks and other investors would have provided a total of 3.2 billion euros. The money is likely to be lost. Wirecard, which was only promoted to the Dax in September 2018, will be out of the German leading index in August. The share, which was once listed at almost 200 euros, fell eleven percent on Thursday to 1.43 euros.
Camaïeu: more than 2,600 employees taken over by Financière immobilière Bordeaux .
© Provided by La Tribune The decision had been awaited for three weeks. The Lille commercial court unveiled this Monday August 17 the buyer of Camaïeu, placed in receivership on May 26. This is the Financière immobilière bordelaise (FIB), an investment fund specializing in commercial real estate owned by businessman Michel Ohayon, which notably acquired 22 Galeries Lafayette franchises in the region in 2018.