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June 19, 1997updated 05 Sep 2016 12:11pm

SAP TIGHTENS RULES AFTER INSIDER DEALING PROBE

By CBR Staff Writer

SAP AG, the German software company which is the centre of an insider dealing investigation, plans to force managers to make their share dealings public and cease trading in the company’s shares three weeks before quarterly profit reports. Chief executive Dietmar Hopp also said the number of primary insiders at the company who have access to vital data on SAP’s performance, is to be cut from 71 to 21, the weekly news magazine Capital reports. Prosecutors launched a probe into allegations that insiders sold shares before the company reported an unexpected dip in profits last October. The investigation, which originally centered on 100 people, is now centered on between five and 10. SAP claimed last month (CI No 3,168) that the inquiry had cleared company employees of insider dealing, which carries a prison sentence of up to five years. The company says it also plans to report results, accurate to within 5%, within three days of the end of a quarter.

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