French prosecutors have launched a preliminary investigation into suspected insider-trading by several senior officials at BNP Paribas.
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The probe, which started in early November, seeks to determine how senior BNP Paribas directors and top executives knew about US litigation risks when they sold shares in 2013.
The probe is specifically aimed at stock sales by senior BNP officials during 2013 when US authorities were examining the bank’s deals with banned countries.
The investigation targets the bank’s chairman, Baudouin Prot, COO Philippe Bordenave and honorary chairman Michel Pébereau, reported French weekly Le Canard Enchaîné.
The newspaper reported that the three senior executives had sold nearly 300,000 shares last year while the bank was under investigation in the US for sanctions violations.
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By GlobalDataFrench prosecutors could launch a formal investigation or drop it at the preliminary stage based on their findings.
Sources said that the inquiry is being launched by the le parquet national financier, a body specializing in corruption and tax evasion and could take months due to its complex nature.
