Lebanese trader fined 14 mn euros
- Published: 24 Oct 2013 at 20.49
- Online news:
France's market regulator slapped a record 14 million euro (590 million baht) fine on a Lebanese trader Thursday for insider trading surrounding the 2008 buyout of logistics company Geodis by France's national rail firm, SNCF.
A Geodis Logistics warehouse in Laval, France pictured on October 23, 2005
The previous record of eight million euros was imposed on luxury group LVMH earlier this year for activity related to its investment in rival Hermes.
In a statement, the AMF financial market authority said it was imposing the fine on trader Joseph Raad for using "inside information on the launch of a takeover of Geodis by the SNCF, from which he profited."
It said he earned more than six million euros from the information.
His cousin, Charles Rosier, a managing director at Swiss bank UBS which was involved in the takeover, was also fined 400,000 euros "for having passed on the information," the statement said.