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BTG Pactual chief fined over insider trading, casting cloud over IPO
Silvia Aloisi & Steve Slater -Reuters, 04/17/2012
André Esteves, the billionaire boss ofBrazil‘s BTG Pactual, has been fined 350,000 euros (288,023 pounds) by Italy’s financial regulator for insider trading, just 10 days before his investment bank’s looming stock market listing.
BTG Pactual said its activities would be unaffected by the ruling against Esteves, who owns 24 percent of the Brazilian bank, making him one of Brazil’s richest executives. But it will force the bank to amend its prospectus, give investors the option of reconsidering bids for BTG shares, and puts a cloud over one of this year’s highest profile bank deals.
According to the Italian market watchdog Consob, Esteves made use of privileged information about a planned joint venture involving Italian meat company Cremonini when he bought Cremonini shares in November 2007.
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This entry was posted on Tuesday, April 17th, 2012 at 1:06 pm and is filed under Business, Commentary & Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.