Former FC Barcelona star Gerard Pique fined for insider trading
May 12 – Former FC Barcelona and Spain star Gerard Pique has been fined €200,000 for insider trading.
On Monday, the National Securities Market Commission (CNMV), Spain’s market regulator, announced that the 2010 World Cup winner was punished after buying shares in a health and safety company two days before it was revealed to be a takeover target. The regulator said it was a “very serious offence”.
According to the regulator, Pique purchased 104,166 shares of Aspy Global Services, a workplace health and safety firm, on 20 January 2021. The purchase followed a tip from a businessman that Atrys Health was in negotiations to acquire the company. Two days later, the acquisition talks were made public. By 26 January, Atrys had officially launched a €223million bid for Aspy, resulting in a stock price surge of nearly 20 percent.
The regulator did not reveal how much Pique made from the insider trading.
The CNMV identified Francisco Jose Elias Navarro as the businessman who tipped off Pique. At the time, Elias Navarro was a major Aspy shareholder. The CNMV slapped him with a €100,00 fine for the “unlawful disclosure” of inside information.
The pair can appeal the decision at Spain’s High Court.
The former Barcelona defender and his Kosmos sports entertainment company have also been linked to an investigation in Spain into allegations of corruption in the hosting of the Spanish Super Cup in Saudi Arabia. Kosmos has said that neither the company nor Pique are under investigation from the court.
Contact the writer of this story, Samindra Kunti, at power.l1778582595labto1778582595ofdlr1778582595late1778582595sni@i1778582595tnuk.1778582595ardni1778582595but1778582595
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