First reaction of markets: the title BNP Paribas has fallen heavily on Tuesday in a market slump. He finished by fall of 8.33% to 48.29 euros.
The agreement was criticized for its lack of transparency: the strand on the exchange of assets was not disclosed prior to filing for bankruptcy. He had led thereafter for Urban by significant losses and a reduction of its cash.
The independent commission - composed of five members, including a lawyer - issued a statement in which she said she does not exclude the possibility that BNP is involved in an insider but adds that it is not able to make a final view on this point.
In a previous release, she felt that there is a strong chance that BNP Paribas has committed a crime of insider trading in securities Urban while knowing that the trade component of assets was not disclosed. The commission added however that it was not able to judge the case.
However, BNP Paribas said Tuesday that there had technically been no violation of rules on insider trading under the swap agreement concluded between the French bank and the Japanese property developer Urban Corp. .
The financial establishment has also said Tuesday that the swap agreement reached with Urban Corp.. was an exceptional transaction conducted in Tokyo, adding that for reasons of transparency, the bank had preferred to set up an independent committee to investigate the operation.
On the non disclosure of the swap agreement by Urban, the spokesman of BNP Paribas said it was "an unfortunate incident that will lead to reforms to strengthen local controls and compliance."
A spokesman for Urban said in August that with hindsight, the group should have given more details about the destination of the money obtained through this bond issue, noting however that the information disclosed was appropriate at the time of the operation. The purpose of the bond issue was to repay short-term debt, which has been barred by the backup procedure of the group later, he declared.
The Tokyo Stock Exchange also opened an investigation on the part of the swap operation disclosed by Urban. "We know that some feel that Urban Corp.. Should have been talking about this swap agreement upon issuance of convertible bonds," said its spokesperson of the Exchange.
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