Suisse's German offices searched in insider trading probe
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[March 17, 2014]
FRANKFURT (Reuters) — Credit Suisse's <CSGN.VX>
headquarters in Germany was one of the offices raided by German
authorities last month as part of an investigation into insider
trading, a spokeswoman for the state prosecutor's office in
The German weekly magazine WirtschaftsWoche reported on its website
on Saturday that Credit Suisse's offices were one of the targets of
a raid on about 50 homes and offices by police and the German
securities trading regulator BaFIN on February 25.
In response to a Reuters query, the spokeswoman said on Saturday
that the German headquarters of the Swiss bank was one of those
raided but that the bank itself was not one of the accused.
She declined to say who were the accused and confirmed the
investigation was about insider trading in shares in German solar
maker Roth & Rau <R8RG.F>, which was acquired by its Swiss rival
Meyer-Burger <MBTN.S> in 2011. Roth & Rau was advised at that time
by Credit Suisse.
Credit Suisse declined comment. Meyer-Burger was not immediately
available for comment.
WirtschaftsWoche, without citing sources, reported that authorities
were investigating a Credit Suisse employee for insider trading in
connection with the Roth & Rau deal.
The magazine said the employee had been suspended by Credit Suisse
on the day the raid was conducted.
Police said in February they had seized documents, mobile phones,
computers and electronic storage media in Switzerland and eight
German states, with a particular focus on Hesse, home to Germany's
financial capital Frankfurt, during a raid that was connected to
insider trading investigations.
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WirtschaftsWoche said just before Meyer-Burger made a 22 euros per
share offer to its rival, shares in Roth & Rau rose by more than 50
($1 = 0.7181 Euros)
(Reporting by Hans Seidenstuecker,
Alexander Huebner in Frankfurt; additional reporting by Katharina
Bart in Zurich; writing by Marilyn Gerlach; editing by Kevin Liffey
and Susan Fenton)
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