Aryzta confirm Steinemann will not seek election to its board
Troubled Swiss-Irish baked goods firm Aryzta has confirmed that Juergen Steinemann will not seek election to its board “at this time”.
Mr Steinemann is a director of German retail giant Metro, which is under investigation by German prosecutors regarding possible insider trading.
Metro said that Mr Steinemann had no inside information when he bought shares in Metro last year in advance of a significant strategic announcement that Metro was planning to separate its retail and wholesale business from its consumer electronics arm.
The prosecutors did not name the individuals being investigated, but confirmed that the chairman of Metro's supervisory board and a senior executive were the subjects of the probe. Mr Steinemann is the chairman of the supervisory board.
The prosecutors have claimed there are indications that three people from Metro, and one from outside the group, "were acquiring shares in Metro or forwarding insider information".
Earlier this week, a spokesman for Metro and Mr Steinemann said the group was working with prosecutors.
A Metro spokesman said last Friday that at the time Mr Steinemann and another executive bought shares weeks in advance of plans for the company split being made public, "no insider information was available".