Credit Suisse’s in Germany Raided
Last month as many offices were raided by the German authorities as part of an investigation into the insider trading, according to a spokeswoman for the state prosecutor’s office in Stuttgart, Credit Suisse’s headquarters in Germany was also raided. According to the German weekly magazine WirtschaftsWoche’s website Credit Suisse’s offices happened to be one of the targets of the raid on about 50 homes and offices by police and the German securities trading regulator BaFIN on February 25th.
According to Reuter’s the spokeswoman stated that the German headquarters of the Swiss bank was one of those raided however the bank itself was not one of the accused. She did not say as to who all were accused but did confirm that the investigation was regarding the insider trading in shares in German solar maker Roth & Rau, which had been acquired by its Swiss rival Meyer-Burger in 2011. At that time Roth & Rau was being advised by Credit Suisse. According to the magazine WirtschaftsWoche before Meyer-Burger made a 22 euro offer for per share to its rival, the shares in Roth & Rau increased by more than 50 percent.
Without citing any sources, WirtschaftsWoche reported that the authorities were presently investigating an employee of Credit Suisse for the insider trading in connection with the Roth & Rau deal. According to the report, on the day when the raid was conducted, the employee had been suspended by Credit Suisse.
During a raid which was connected to the insider trading investigations, in February Police seized documents, mobile phones, computers and electronic storage media in Switzerland and in eight of the German states, particularly focusing on Hesse, home to Germany’s financial capital Franfurt.