The investment from Toto Wolff into buying shares of Aston Martin is likely being investigated by German and British stock authorities.
A collective report by Canada’s Le Journal de Montreal and its investigative arm, Germany’s BaFin, has indicated of an investigation into Wolff’s personal investment after he bought the shares of Aston Martin – especially after Lawrence Stroll’s takeover.
The Canadian businessman took control of the British car manufacturer, Aston Martin, in 2019. Post its takeover, Mercedes F1 chief, Wolff, in his personal capacity, bought shares of about 0.95 percent, whose market value was reported to be about $36 million.
The deal took place in April 2020 and was brushed as a personal investment from the Austrian into the car manufacturer, devoid of any impact on the F1 side of the business. Mercedes’ parent company Daimler AG, too, did not object to Wolff’s investment.
The suspicion on ‘insider trading’ rose, when Daimler AG via Mercedes decided to buy additional stake into Aston Martin. The German manufacturer took about 20 percent stake, as Tobias Moers was announced to lead the British manufacturer, leaving AMG for the role.
The couple of announcements raised Aston Martin’s stock value by more than 60 percent since April 2020, which raised suspicion from German stock authorities, who then relayed their concerns with the British stock authorities, where Aston Martin’s stocks are listed.
The report has Mercedes’ F1 communication head quoted as stating ‘no’, to questions asked, if Wolff knew about AMG’s boss going to join Aston Martin and if Mercedes were to invest further into the British manufacturer by the end of the year.
The report got no answers from Aston Martin and or the German and British stock authorities, but the review by the Financial Conduct Authority is likely on, to understand if there was no insider trading, owing to the close relations between Wolff and Stroll.
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