Thursday, October 18, 2007
Trouble at t'Mill
The woes at Airbus extend beyond the delayed delivery of the new monster aircraft. A French judge is investigating allegations of insider trading against 21 senior executives at EADS, Airbus' parent company. A report from the stock exhange watchdog AMF noted "strange, massive and simultaneous" sales of EADS shares last year, just prior to the announcement of serious delays to delivery of the A380 knocked 25% off the company's value. It seems that the trading wasn't confined to senior management as it has also been alleged that over 1,000 employees participated in the action, making an estimated profit of £62m. C'est la vie.