Home of Proximus CEO search as part of insider dealing investigation

The home of the CEO of the part state-owned telecom company Proximus was searched on Thursday as part of an on-going investigation into insider dealer. The search came on Dominque Leroy’s last day in the post. She is due to start work as the new CEO of the Dutch telecom company KPN in December.    

Ms Leroy announced that she was leaving Proximus two weeks ago. It soon emerged that a month earlier she had sold around 285,000 euro’s worth of Proximus shares.  

The stock market watchdog FSMA immediately launched an investigation into whether insider dealing was at play here. Did Ms Leroy already know that she was leaving Proximus when she sold her shares? Ms Leroy denies that this was the case. She says that when she sold the shares she had not yet decided that she was leaving to go to KPN. In addition to the FSMA investigation, the Judicial Authorities have launched a criminal investigation. If found guilty, Ms Leroy could face up to 4 years in prison.     

Meanwhile, KPN says that it "has taken note of the reports” about the search. It is not clear whether detectives have also visited KPN. The company says that it will offer its cooperation with the investigation it asked to do so.