BUSINESS MAVERICK: Brush with the law in 2017 stalks incoming Pick n Pay boss

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 84%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

The new Pick n Pay CEO, Pieter Boone, faced charges relating to insider trading and market manipulation when he was the chief operating officer of Metro AG, a Germany-based wholesale retailer. Boone was cleared of wrongdoing in connection with insider trading, but he was slapped with a fine for another transgression.

Pieter Boone, the incoming CEO of Pick n Pay, had a close brush with the law as German prosecutors investigated him in November 2017 for possible insider trading and market manipulation.

Although Boone and his colleagues were cleared of wrongdoing in connection with insider trading charges, they were eventually slapped with a monetary fine for another transgression . A Johannesburg-based money manager said Boone’s history at Metro might tarnish his reputation going into Pick n Pay.

In a November 2017 press statement, prosecutors said three unnamed people from Metro and one person outside the company acquired shares or forwarded insider information about a big change in Metro’s structure.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I’m more interested in why pick n pay isn’t hiring a South African...surely there are plenty of qualified (and less tainted) locals that could take the chain forward?

This is a rather nasty remark....I would say litigation might follow

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines