A managing partner of Bank Berenberg, Germany’s oldest bank, is being investigated for insider trading of Hapag-Lloyd shares in 2017
Germaany’s National Criminal Police Office (Landeskriminalamt) and BAFIN (Bundesanstalt für Finanzdienstleistungen), the federal Finance Service Agency, have raided the home of Bank Berenberg’s co- owner, Hedrik Riehmer, who is also a Hamburg property magnate.
A spokesman for the Hamburg prosecutor said: "The suspects are believed to have used insider information to profit from the sale of shares in a shipping company."
In 2017 Bank Berenberg was advisor to TUI when it sold its remaining shares in Hapag-Lloyd.
The insider trading transaction is alleged to have netted almost €3M for the three suspects. Assets worth around €20M have been frozen while the investigation is carried out,
A spokesman for Berenberg Bank stated: The authorities are investigating the transaction under the suspicion of insider trading. We are cooperating fully and are convinced that the accusations are completely unfounded."