Markets regulator orders fine on DaimlerChrysler


German financial markets regulator BaFin said Friday it had imposed a fine on carmaker DaimlerChrysler for a delay in announcing the early departure of a chief executive.

BaFin said in Bonn that the Stuttgart-based company had given notice of appeal to a Frankfurt court. BaFin did not disclose the scale of the fine, but newspaper Handelsblatt said it was in six-figure euros, meaning between €100,000 and €1 million ($136,000 and $1.36 million).

DaimlerChrysler’s supervisory board announced July 28, 2005 that much criticized CEO Juergen Schrempp would leave early and the share price promptly bounded higher. Shareholders complained that senior management knew in advance and had the opportunity to buy the shares while they were still cheap. The BaFin spokeswoman said regulators believed the ad-hoc statement for financial markets went out too late.

In Frankfurt, court officials said they had not received appeal papers yet. Shareholders who claimed damages in a Stuttgart court for the alleged delay lost their case in February. Dieter Zetsche formally took over from Schrempp as CEO of DaimlerChrysler at the start of 2006. (m&


Hungary Completes 2022 Census Figures

Hungary Completes 2022 Census

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Graphisoft Park EGM Clears Shares to Trade in Euros Office Market

Graphisoft Park EGM Clears Shares to Trade in Euros

Hard Rock Hotel Opens 'Star Chalet' for Winter Season Hotels

Hard Rock Hotel Opens 'Star Chalet' for Winter Season


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.