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DaimlerChrysler spokesman denies insider trading

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Reuters / September 05, 2005 FRANKFURT -- DaimlerChrysler's chief spokesman denied on Monday that he used inside knowledge to trade in the company's shares, in response to media reports that his offices were searched by prosecutors investigating suspected insider dealing. "There is nothing to these allegations," another company spokesman quoted Hartmut Schick as saying, adding that Schick had not bought any DaimlerChrysler shares for 15 years. Schick himself was not available for comment. Executive board member Ruediger Grube, the head of business development and of operations in China, also denied in a weekend newspaper interview that he was involved in insider deals. On Thursday, German prosecutors probing possible insider trading of Daimler stock searched the homes and offices of four people, including two DaimlerChrysler staff members. German media said the search included the offices of Grube and Schick. German state prosecutors and the country's financial watchdog BaFin are investigating trading of Daimler shares before the surprise announcement on July 28 of Juergen Schrempp's resignation as of the end of the year. BaFin has said it had concrete indications of improper deals in the firm's stock before the news, which sent the share price up more than 10 percent.
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