Record fine for Spyker boss

The financial services sector watchdog AFM has fined Spyker chairman Victor Muller €96,000 for passing insider knowledge about the luxury car maker to his bank, the Financieele Dagblad reports on Thursday.

The paper makes its claim on the basis of court documents in which the identity of the company and the people concerned have been kept secret. This was at Muller’s request, the paper says. Spyker refused to comment and the AFM declined to break its legal obligation to secrecy, the paper said.
The case dates back to 2007 when Muller emailed his bank telling it not to sell shares in Spyker which it had as security for a loan, the FD says. This was because an ‘importantly positive press release’ would be published the next day.

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