Home / News / French stockmarket regulator fines Elliott hedge funds over APRR

French stockmarket regulator fines Elliott hedge funds over APRR

French stock market regulator AMF said on Monday its sanctions committee has decided to fine U.S. hedge fund Elliott Management and its UK arm Elliott Advisors 8 million euros ($11 million) each over insider trading relating to French motorways operator APRR.

The AMF accused the UK arm of Elliott of using privileged information to deal in APRR shares whilst negotiating to sell its stake in the company to Eiffarie, a joint venture between French construction company Eiffage and Macquarie Atlas Roads which now owns all of APRR.

Elliott plans to appeal, a spokesman for the hedge fund said.

“The decision represents a misapplication of French law and is not supported by the evidence,” he said, adding that none of the costs associated with the matter, including any potential penalties, would be borne by the Elliott funds.

“Elliott’s trading in APRR did not at any time make use of any material non-public information and was for a legitimate business purpose. Elliott purchased APRR stock on over 300 trading days between December 2005 and June 2010 as part of a longstanding trading strategy.”

French newspaper Les Echos had previously said that Elliott Advisors UK would face a fine of 12.5 million euros, and Elliott Management Corp 27.5 million should the AMF’s adjudicators agree to impose the penalties proposed by an internal committee.

About admin

Check Also

Germany: Heinrich Böll Foundation Scholarships for International Students – Undergraduate,Masters & PhD –2018/2019

Description: Heinrich Böll Foundation awards some scholarships to international students who gained their university entrance …

Leave a Reply

Your email address will not be published. Required fields are marked *