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Business

Possible Insider Trading at DaimlerChrysler

German financial watchdog, BaFin, has launched a probe into possible insider trading in shares in German-US auto giant DaimlerChrysler in the wake of the shock announcement last week that chairman Jürgen Schrempp was to step down early, a spokeswoman said Wednesday. The BaFin spokeswoman insisted that the investigation was routine and one that the watchdog always launched in such cases. After Schrempp announced last week that he planned to step down at the end this year, three years before his contract expires, DaimlerChrysler shares shot up more than 10 percent on the Frankfurt stock exchange. At the current stage, the probe was not directed against any individuals, but was a general investigation to establish whether insider trading might have taken place, the spokeswoman said.

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