World Online raided in insider trading probe
Justice department moves in
The HQ of World Online was raided today over allegations of insider trading at the Dutch ISP.
The Prosecutor of the Justice Department in Amsterdam sent investigators into the Rotterdam-based offices this morning.
The company is "fully co-operating" with the investigation, according to a statement on its Website.
The allegations revolve around insider trading at the time of the company's ill-fated IPO on 17 March.
"World Online welcomes the opportunity to end the rumours and allegations which have been circulating with respect to the company after the above mentioned IPO.
"The company will provide the authorities with all the help and information it can in order to allow a full and speedy investigation to take place," it stated.
It is not known if World Online founder and ex-chairwoman Nina Brink, who made around $60 million after flogging most of her stake in the ISP prior to the flotation, is being investigated. Her house has not, apparently, been raided.
Brink quit her job in April after World Online staff and investors became peeved at the handling of the IPO. ®