Secret project “Tango”: According to the “Handelsblatt”, the German financial market regulator Bafin started a preliminary investigation. The Public Prosecution Service is also examining the events from the spring of 2023.
At the end of last week, the ‘Krone’ revealed the first details about the secret ‘Tango’ project: according to this, Daniel Grieder, CEO of the German Hugo Boss AG, and René Benko, founder of the now financially ailing Signa Group, have secretly in the process of setting up an investment company that operated in the first half of 2023, which would, among other things, play a significant role in Hugo Boss.
Disclosure of inside information?
The centerpiece of the delicate matter is an email dated March 26, 2023 that Grieder sent to the Tyrolean financial juggler from his private email address. In addition to a few slides detailing the structure, the manager wrote in the accompanying text to “dear Rene”: “As mentioned, we need to implement quickly, as I will announce the comprehensive strategy on Investor Day on June 12. That is, instead of 4 billion, 5 billion turnover and 12% EBIT in 2025. This will drive the share price extremely high, I think. Does this fit? Kind regards, Daniel.”
This approach is now calling on the German authorities to take action. According to the Handelsblatt, the supervisory authority for the financial markets, Bafin, has launched a preliminary investigation. The report literally says: “Investigators are likely to look for possible violations of the prohibition on insider trading or unlawful disclosure of inside information.” The medium points out that Hugo Boss shares fell between the tip to Benko and the investor day from 59 euros per share to 69 euros.
In addition, investigators are now also interested in the plans of Grieder and Benko, who have been friends for years. A spokesperson for the Tubingen Public Prosecutor’s Office told Handelsblatt that it is investigating whether “existing findings give rise to a first criminal suspicion that would justify the opening of an investigation.”
Daniel Grieder, who has been the big boss at Hugo Boss since 2021 and has a contract until 2028, was celebrated as a “messiah” by the “Süddeutsche Zeitung” even before his first day at the world-famous fashion brand. Disillusionment is now spreading again among shareholders. The share is trading well below 40 euros.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
