Axa faces German fine over information policy

24th August 2004, Comments 0 comments

FRANKFURT, Aug 24 (AFP) - BaFin, the German financial sector watchdog, said Tuesday it is considering fining French insurer Axa for failing to provide sufficient information about changes in some of its key shareholdings in Germany.

FRANKFURT, Aug 24 (AFP) - BaFin, the German financial sector watchdog, said Tuesday it is considering fining French insurer Axa for failing to provide sufficient information about changes in some of its key shareholdings in Germany.

Under German stock law, investors are obliged to disclose changes in their shareholdings if the sale or acquisition of shares means their stakes in a company rise above or fall below the key levels of five and 10 percent.

Axa is accused of not disclosing the exact dates of key transactions regarding some of its shareholdings in Germany, a spokeswoman for BaFin said.

The French insurer recently cut its stake in the reinsurance company Hannover Re to 2.94 percent and raised its stakes in tyre and car parts maker Continental to 11.75 percent and in building materials manufacturer Heidelberg Cement to 9.28 percent.

A report in the financial daily Boersen-Zeitung on Tuesday said Axa was not in a position to supply the exact dates of the transactions because they were carried out via a US unit, Alliance Capital Management Corporation, which held the shares in a number of different funds.

The French group will have to provide the information in the next few days or risk facing a fine, the BaFin spokeswoman said.

Boersen-Zeitung suggested the fine could amount to EUR 200,000 (USD 244,000).

© AFP

Subject: French news

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