The former co-president of Europe’s aerospace champion EADS, Noel Forgeard, has been remanded in custody as French financial police investigate allegations he colluded in massive insider trading. No formal charges have been made, and he has not been formally placed under investigation.
Forgeard is suspected of knowing EADS share price was about to hit the rocks, so he sold large amounts of shares while EADS was still bouyant.
Also in the spotlight are EADS’s main private shareholders, Lagardere and DaimlerChrysler, who sold out as well before the bad news broke, but they are not currently under investigtion. In all 16 other named individuals are thought to have been involved.
The chronology seems damning, with the Forgeard family either extremely lucky, making millions of euros on the share deals, or in the know.