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Former top EADS executive charged

May 31, 2008|From Bloomberg News

Noel Forgeard, former co-chief executive of European Aeronautic Defense & Space Co., was charged Friday with insider trading for selling shares before disclosing production delays on the Airbus A380 super-jumbo jet.

Forgeard, 61, was arraigned on preliminary charges by two investigating magistrates in Paris after being questioned by financial police for 35 hours, said Jean de Belot, a spokesman for Forgeard. He was released after posting bail.

Forgeard was forced to quit his post at EADS two years ago after news that production problems would delay the A380's introduction, resulting in a 26% drop in the price of EADS' stock. As many as 17 other executives at EADS and its Airbus unit are under investigation in a related civil case.

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