Article business.dk english version

Original danish article http://www.business.dk/article/20090404/okonomi/704030088/

English translation

Saxo Bank in a huge settlement with their ex Director
By Peter Benson Supplies
Saturday, 4 April 2009, 06:00

Saxo Bank to put hundreds of millions Danish krone on the table to close the fake insider case with its former Director, Charles-Henri Sabet.
The Bank and Charles-Henri Sabet has just reached a settlement which concludes the case where the Swiss was ejected from the bank last autumn.
Saxo Bank and the insider accused former Saxo Bank director Charles-Henri Sabet, has just reached a settlement worth millions to end the month-long dispute between the parties.
With an agreement in which the Bank repurchases Saxo Bank Charles-Henri Sabet’s shares for more than 200 million Danish krone, as well as an unknown amount of several millions euros to close the case, Charles-Henri Sabet agreed to settle all lawsuits between that he launched since his wrong dismissal.
The notice of the settlement has just been circulated to the Bank's shareholders. They received a written explanation of the settlement. The letter shows that Saxo Bank, with two companies owned by Kim Fournais and Lars Seier Christensen as guarantors repurchases Charles-Henri Sabet’s and three other shareholders' shares. Those 3 other shareholders, ex-directors of Saxo bank Switzerland were also wrongly suspended by Saxo Fournais during the dispute.
Saxo bought their shares to also avoid penal lawsuits.
Overall repurchases Saxo Bank 2.92 million shares at a price of 65 dkk each - equivalent to a total price of just under 200 million. kr The repurchased shares price is subsequent whereby Saxo Bank is conducting a private placement for an equivalent number of shares with existing at 65 euros piece.
Meanwhile, the two sides agreed that Saxo Bank provides a cash sum on the table to close the settlement. How big the amount is not known. Rumors are more than 10 millions euros, more than 70 millions dkk.
Immediately it sounds dkk 65 per share for Saxo cheap shares. Saxo shares are not in open trade, but can be traded within the bank. Here Berlingske learns that the shares during periods have been sold for around 160 kr piece. Therefore, it is obvious that Saxo Bank has had to put a large additional millions of concluding the settlement.
Until 29 August was Charles-Henri Sabet CEO of Saxo Bank in Switzerland and head of the 'Global Trading' in the bank. He had entered the Saxo Bank because the bank took over the Charles-Henri Sabets Swiss bank, Synthesis of one million trade in 2007. Upon purchase was Charles-Henri Sabet the third largest private shareholder of Saxo Bank and entered the bank's management.
The position he retained until he was fired on brown paper and prohibiting to display at Saxo Bank's offices - and a ban for making contact with old people.
The reason for the expulsion is Speg. According to Saxo Bank was Charles-Henri Sabet committed 'irregulariteter'. Charles-Henri Sabet received a letter and an email from Saxo Bank's lawyer, John Korsø Jensen. The letter suggested the lawyer stated that Saxo Bank had found out that Charles-Henri Sabet had violated the Swiss stock exchange rules, and that he should have given false information to myndighedern about alleged breaches.
Translated, it means no one with Saxo Bank has ever confirmed that Charles-Henri Sabet was accused of having committed insider trading.
Berlingske Business visited in November Charles-Henri Sabet in Geneva. Here Berlingske was trying to get answers to some of the many questions that arose in the wake of the expulsion.
"What I should have done that justified the expulsion, I have no idea. The allegations that I had not violated by the Swiss stock exchange rules is nonsense. I can not see this as anything other than the result of a sort of power struggle. Perhaps it was Kim Fournais and Lars Seier Christensen upset that I said my opinion about Ryllberg (Red. Eric Ryllberg was banker in Saxo in August 2008). Maybe they wanted of me - and prøveed to avoid paying compensation. I do not know, "said Charles-Henri Sabet in November.
Saxo Bank declined to comment in detail as Berlingske described it in detail in the following years.
"In autumn we reduced headcount by 267 people including some senior executives. This case is not about that we can not figure out how to dismiss managers, but rather the core I can not comment because we do not give our opinion on personnel matters, "said Kim Fournais, one of Saxo Bank's founders, told Berlingske in November.
The answer to the expulsion came instantly from Charles-Henri Sabet. A civil action was sent off and since he has threatened to deliver another set of proceedings. The cases dropped now as part of the agreement that has been underway for several months. How Charles-Henri Sabet in periods before the expulsion was close friends with Kim Fournais, it was Lars Seier Christensen, who after his expulsion has repeatedly tried to get informal discussions, in order to close the case.
Berlingske would have liked answers from Saxo Bank and Charles-Henri Sabet on a number of questions. Including why the bank now reach a settlement if the case is so crystal clear. And why are Charles-Henri Sabet settlement if he was obviously innocent?
Berlingske has contacted Charles-Henri Sabet and Saxo Bank, which concurrence indicates that Saxo Bank and he has agreed that no one will comment on the settlement.
It is expected that the agreement be confirmed by Saxo Bank's shareholders in the coming weeks.