Authorities investigate Wolff-Stroll last year's Aston Martin financial deal
Aug.24 - Authorities have opened a financial probe involving two of Formula 1's most powerful figures - team chiefs Toto Wolff and Lawrence Stroll.
According to Le Journal de Montreal, the investigation involves Mercedes boss and 33 percent team owner Wolff having bought into fellow team boss Stroll's Aston Martin brand last year.
The Canadian newspaper cited as its source Germany's federal financial supervisory authority BaFin, who instigated the probe.
"The reason for this review is the possible suspicion of insider trading," said correspondent Jean-Francois Cloutier.
It is reported that the case has now been passed on to the UK's financial conduct authority, as Aston Martin's shares are listed on the London stock exchange.
In 2020, Wolff bought almost 1 percent of Aston Martin, in a stake that is understood to be worth around $36 million.
While the purchase itself may not be corrupt, it was announced mere months after the transaction that Mercedes was upping its Aston Martin stake to 20 percent.
Then, former Mercedes-AMG chief Tobias Moers was appointed as Aston Martin's new CEO.
So the question is whether, at the time he acquired his small stake, Wolff knew that the Mercedes and Moers news would be following shortly on its heels.
"No," insisted a Mercedes spokesman.
"We are not aware of any such action. All the necessary disclosures were made to the British financial authorities at the appropriate time," he added.
The spokesman confirmed, however, that Wolff and Stroll are "friends who sometimes share travel arrangements to and from grands prix".
"Toto invested in Aston Martin because he believes in the brand, the product, and its growth potential," the Mercedes spokesman said.
The German and British market authorities declined to comment, as did a spokeswoman for both Stroll and Aston Martin.
A spokesman for Daimler, Mercedes' parent, commented: "This is a financial investment. As such, we do not comment on any such internal proceedings.
"Mr Wolff has been a trusted partner of Daimler AG through the joint ownership in the Mercedes Formula 1 team since 2013," he added.
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This is ridiculous , how would the owner of MB f1, close friend of LS , whose in close contact with the BoD of Merc know they were going to buy a stake in AM, i guess easy to see if anyone else bought shares around that time but, why on earth didnt he use a proxy, , anyway its all completely above board, whats Totos one% worth now anyone?
This is a smear campaign I wont have it.
So the question is whether, at the time he acquired his small stake, Wolff knew that the Mercedes and Moers news would be following shortly on its heels.
Business is business as they say .
am share price aug 20 £ 1.13 by mid nov after merc buy in £1.50 and now they are about £1.90 , all seems completely normal to me massive spike after merc buy in , toto is so shrewd , i mean how could he know, answers on a post card please
I too am shrewd shroppyfly. I bought 10 shares of AM at $15 and they are now over $25. With that over $100 profit, I think I can afford enough popcorn for the rest of the season.
Ah hah, TotoII, not so shrewd. Now you must face insider trading charges.
I think the answer goes on the back of the stamp....
It's that old song again,
MONEY MONEY MONEY It's a rich mans world....
Really? This is racing news?
not exactly racing news, but it does allow to exude a large amount of sarcasm , which is always a good thing .
Talking about money ive just been reading that in 2009, they were considering a 45M Euro budget cap was being considered for exactly the same reasons as todays budget , so in 12yrs or so the costs of f1 have tripled, bound to a good thing.....+10% sarcasm , but the reasons are... The way of the world i suppose
Gentlemen, gentlemen, gentlemen, and you too Shroppyfly!
Le Journal de Montréal is not exactly a serious newspaper, wait for this piece of news to show up elsewhere before you get into a tizzy.
I think hes been cleared of dodgy dealing hasn't he? oh well was fun while it lasted, apparently, it definitely wasn't a " MISTAKE" hitting the buy button, it was just that the lap top manufacturer had put the button in the wrong place and it just caught Totos greedy little fingers, mmmm now where have I heard that before lol
True Post i take your interest in my posts as a compliment
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