Tuesday, August 24, 2021 12:59 PM – Last update: 13:09 PM
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Mercedesteam boss Toto Wolff is reportedly under scrutiny in the UK after his investment in Aston Martin last year. It would be investigated whether the Austrian was trading with inside information.
The British authorities are said to be investigating a share package that Wolff bought in April of last year. Wolff bought shares in Aston Martin at the time, after Lawrence Stroll took over the company. Stroll is a good friend of Wolff and also the father of Formula 1 driver Lance Stroll. The Canadian Montreal Journal writes that it is currently being investigated whether the Mercedes team boss acted with insider information at the time.
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Foreknowledge
Tobias Moers was appointed as the new big boss at Aston Martin a month after the purchase of Wolff. Moers was previously employed by Daimler, the parent company behind Mercedes. He also played an important role at AMG. It is being investigated whether Wolff knew about this appointment and about the 300 million dollar investment that followed. The value of a share in Aston Martin has now risen by sixty percent.
German stock market watchdog
The German stock market watchdog would have investigated it, after which the case was transferred to the British authorities. Aston Martin is a British publicly traded organisation. The Mercedes Formula 1 team itself is not aware of the situation: “All necessary information was provided to the financial authorities of the United Kingdom at the right time,” spokesman Bradley Lord is quoted as saying.
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