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Mint
11 hours ago
- Business
- Mint
Insider Trading Siblings Used Lockdown to Make £1 Million
(Bloomberg) -- Before the market opened on Feb. 4, 2020, traders were watching Swiss testing company SGS SA, waiting for its shares to drop. Overnight it had been announced that the Von Finck family were going to sell 2.3 billion francs ($2.8 billion) of their holding. That's a huge chunk of stock for buyers to absorb, and the price fell the most in nearly five years. 'Stay ready,' Janus Henderson Group Plc analyst Redinel Korfuzi wrote in a message to his sister Oerta in their native Albanian, 55 seconds after the bell that day. Two minutes later, from the mutual fund giant's office in Bishopsgate, London, he messaged again: 'Stay ready because we have to close it if needed.' His sister was in the cramped living room of the flat they shared in Marylebone. The day before, she had opened two highly-leveraged short positions. With a little over £10,000 ($13,400) of equity, she had amassed a position with an initial notional volume of more than £150,000, wagering that SGS's stock would fall. With no answer from Oerta, her brother messaged again, and called her, finally getting through at 8:04 a.m. 'Open the platform and stay ready,' he said on WhatsApp shortly after an eight-second call. Finally, his sister responded: 'Gati Ikam' or, in English, 'I have them ready.' The exchange is just one of several that the UK's Financial Conduct Authority argued at a London trial was clear evidence of trading on insider information. On Thursday, a jury at Southwark Crown Court agreed, finding the two guilty of insider dealing and money laundering. Two others, Redinel's personal trainer Rogerio de Aquino, 63, and his partner Dema Almeziad, 40, were acquitted of all charges. At its heart, Redinel's plan was little different to countless other insider trading scandals. As part of his job, he had access to advance information on companies, in this case upcoming large share sales that often lead to price declines when announced. That's what happened with the SGS placing, which Redinel was informed about not long before his sister shorted it. The Korfuzis repeated this trick more than 10 times over the next year or so, continuing as the two worked from home during Covid lockdowns. With the SGS trade, Oerta and her brother made £7,747 in a little over 20 minutes. Before they were stopped by an FCA raid in March 2021, they had made almost £1 million. It was a 'trading club to cheat the market,' according to the prosecution's lawyer, Tom Forster. During the trial, 36-year-old Oerta said she made the trades based on her analysis, without knowing her brother had any insider knowledge. But the jury refused to believe that she was 'subconsciously' influenced by phone conversations across the living room, that she quickly analyzed charts and technical indicators for company names she overheard and placed profitable bets. Redinel, 38, denied involvement in the trades, at one point saying he was too busy saving what he called a 'dying fund' at Janus Henderson. In its case, the FCA presented evidence such as call records, data from phones and laptops, as well as a trove of WhatsApp and Telegram messages. 'Check out the app urgently. Check out the other app,' one of Redinel's translated WhatsApps to his sister said. That was sent less than a minute after he received market sensitive information about a proposed sale of £500 million worth of Hargreaves Lansdown Plc shares in February 2020. Redinel was at Janus Henderson's office at the time and referring to Telegram as the other app, according to the prosecutors. One minute after he got the Hargreaves information, Redinel called Oerta for eight seconds — when the prosecutors say he could've passed on the company's name. Within 15 minutes, Oerta moved money between accounts and began shorting the shares. Other companies traded included vehicle manufacturer Daimler Truck Holding AG, budget airline Jet2 Plc and pharmaceutical firm Dermapharm Holding SE. Janus Henderson wasn't accused of any wrongdoing. 'He was in truth the king of stocks. She the enthusiastic apprentice,' Forster said during the trial. According to prosecutors, British national de Aquino and his Saudi fiance were 'secret proxies' for the trading syndicate and handled 'dirty cash.' Both had pleaded not guilty and maintained they didn't know Redinel had insider information. They didn't testify during the trial. To make the bets, Redinel helped de Aquino and Almeziad open trading accounts. De Aquino had told police that they were 'two idiots' who were hoodwinked by him. Oerta made about £430,000 from the trades, while de Aquino and his girlfriend raked in £135,000. Another trading account controlled by the siblings posted £408,000. The siblings claimed to have never discussed the trading or the massive profits with each other. The prosecution saw it differently. 'The truth is for the residents of Brunswick House there was never going to be enough money,' Forster said. 'Arrogance, pride, entitlement and greed drove them on – and it has ruined them.' More stories like this are available on
Time of India
11 hours ago
- Business
- Time of India
Insider trading siblings used lockdown to make £1 million
Before the market opened on Feb. 4, 2020, traders were watching Swiss testing company SGS SA, waiting for its shares to drop. Overnight it had been announced that the Von Finck family were going to sell 2.3 billion francs ($2.8 billion) of their holding. That's a huge chunk of stock for buyers to absorb, and the price fell the most in nearly five years. 'Stay ready,' Janus Henderson Group Plc analyst Redinel Korfuzi wrote in a message to his sister Oerta in their native Albanian, 55 seconds after the bell that day. Two minutes later, from the mutual fund giant's office in Bishopsgate, London, he messaged again: 'Stay ready because we have to close it if needed.' His sister was in the cramped living room of the flat they shared in Marylebone. The day before, she had opened two highly-leveraged short positions. With a little over £10,000 ($13,400) of equity, she had amassed a position with an initial notional volume of more than £150,000, wagering that SGS's stock would fall. Live Events With no answer from Oerta, her brother messaged again, and called her, finally getting through at 8:04 a.m. 'Open the platform and stay ready,' he said on WhatsApp shortly after an eight-second call. Finally, his sister responded: 'Gati Ikam' or, in English, 'I have them ready.' The exchange is just one of several that the UK's Financial Conduct Authority argued at a London trial was clear evidence of trading on insider information. On Thursday, a jury at Southwark Crown Court agreed, finding the two guilty of insider dealing and money laundering. Two others, Redinel's personal trainer Rogerio de Aquino, 63, and his partner Dema Almeziad, 40, were acquitted of all charges. At its heart, Redinel's plan was little different to countless other insider trading scandals. As part of his job, he had access to advance information on companies, in this case upcoming large share sales that often lead to price declines when announced. That's what happened with the SGS placing, which Redinel was informed about not long before his sister shorted it. The Korfuzis repeated this trick more than 10 times over the next year or so, continuing as the two worked from home during Covid lockdowns. With the SGS trade, Oerta and her brother made £7,747 in a little over 20 minutes. Before they were stopped by an FCA raid in March 2021, they had made almost £1 million. It was a 'trading club to cheat the market,' according to the prosecution's lawyer, Tom Forster. During the trial, 36-year-old Oerta said she made the trades based on her analysis, without knowing her brother had any insider knowledge. But the jury refused to believe that she was 'subconsciously' influenced by phone conversations across the living room, that she quickly analyzed charts and technical indicators for company names she overheard and placed profitable bets. Redinel, 38, denied involvement in the trades, at one point saying he was too busy saving what he called a 'dying fund' at Janus Henderson. Bloomberg In its case, the FCA presented evidence such as call records, data from phones and laptops, as well as a trove of WhatsApp and Telegram messages. 'Check out the app urgently. Check out the other app,' one of Redinel's translated WhatsApps to his sister said. That was sent less than a minute after he received market sensitive information about a proposed sale of £500 million worth of Hargreaves Lansdown Plc shares in February 2020. Redinel was at Janus Henderson's office at the time and referring to Telegram as the other app, according to the prosecutors. One minute after he got the Hargreaves information, Redinel called Oerta for eight seconds — when the prosecutors say he could've passed on the company's name. Within 15 minutes, Oerta moved money between accounts and began shorting the shares. Other companies traded included vehicle manufacturer Daimler Truck Holding AG, budget airline Jet2 Plc and pharmaceutical firm Dermapharm Holding SE. Janus Henderson wasn't accused of any wrongdoing. 'He was in truth the king of stocks. She the enthusiastic apprentice,' Forster said during the trial. 'Two Idiots' According to prosecutors, British national de Aquino and his Saudi fiance were 'secret proxies' for the trading syndicate and handled 'dirty cash.' Both had pleaded not guilty and maintained they didn't know Redinel had insider information. They didn't testify during the trial. To make the bets, Redinel helped de Aquino and Almeziad open trading accounts. De Aquino had told police that they were 'two idiots' who were hoodwinked by him. Oerta made about £430,000 from the trades, while de Aquino and his girlfriend raked in £135,000. Another trading account controlled by the siblings posted £408,000. The siblings claimed to have never discussed the trading or the massive profits with each other. The prosecution saw it differently. 'The truth is for the residents of Brunswick House there was never going to be enough money,' Forster said. 'Arrogance, pride, entitlement and greed drove them on – and it has ruined them.'
Bloomberg
11 hours ago
- Business
- Bloomberg
Insider Trading Siblings Used Lockdown to Make £1 Million
Before the market opened on Feb. 4, 2020, traders were watching Swiss testing company SGS SA, waiting for its shares to drop. Overnight it had been announced that the Von Finck family were going to sell 2.3 billion francs ($2.8 billion) of their holding. That's a huge chunk of stock for buyers to absorb, and the price fell the most in nearly five years.
Yahoo
3 days ago
- Business
- Yahoo
Textile Testing Equipment Market Outlook 2025-2029: Sustainable Fibers & Automation Propel Textile Testing Equipment Advances
Textile testing equipment market to grow by USD 390.6M from 2024-2029 at a 4.6% CAGR. Driven by demand for technical textiles, non-woven fabrics, and APAC's textile surge, the report analyzes market size, trends, and key vendors like AMETEK, TUV SUD, and SGS SA. It highlights growth from sustainable fibers and tech advances. Dublin, June 17, 2025 (GLOBE NEWSWIRE) -- The "Textile Testing Equipment Market 2025-2029" report has been added to textile testing equipment market is forecasted to grow by USD 390.6 million during 2024-2029, accelerating at a CAGR of 4.6% during the forecast period. The market is driven by rise in demand for technical textiles, growth in domestic demand for textiles in APAC, and increased demand for non-woven study identifies the rise in use of sustainable fibers as one of the prime reasons driving the textile testing equipment market growth during the next few years. Also, implementation of new standards for testing e-textiles and automation and integration of advanced technologies in textile testing equipment will lead to sizable demand in the market. The report on the textile testing equipment market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The textile testing equipment market is segmented as below: By End-user Textile companies Professional testing agencies By Application Apparel industry Footwear industry Others By Technology Manual Semi-automated equipment Fully automated and smart By Geographical Landscape APAC Europe North America Middle East and Africa South America The report addresses several key areas: Textile Testing Equipment Market sizing Textile Testing Equipment Market forecast Textile Testing Equipment Market industry analysis Competitive Landscape A robust vendor analysis within the report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading textile testing equipment market vendors that include: AMETEK Inc. Bureau Veritas SA Eurofins Scientific SE Hohenstein Intertek Group Plc Paramount Instruments Pvt. Ltd. QIMA Ltd. Rieter Holding AG Roaches Ltd. SDL Atlas SGS SA TESTEX Instruments Ltd. TUV SUD TUV SUD AG Also, the textile testing equipment market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth Topics Covered: 1 Executive Summary1.1 Market overview2 Market Analysis2.1 Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria2.2 Criticality of inputs and Factors of differentiation2.3 Factors of disruption2.4 Impact of drivers and challenges3 Market Landscape3.1 Market ecosystem3.2 Market characteristics3.3 Value chain analysis4 Market Sizing4.1 Market definition4.2 Market segment analysis4.3 Market size 20244.4 Market outlook: Forecast for 2024-20295 Historic Market Size5.1 Global Textile Testing Equipment Market 2019 - 20235.2 End-user segment analysis 2019 - 20235.3 Application segment analysis 2019 - 20235.4 Technology segment analysis 2019 - 20235.5 Geography segment analysis 2019 - 20235.6 Country segment analysis 2019 - 20236 Qualitative Analysis6.1 The AI impact on global textile testing equipment market7 Five Forces Analysis7.1 Five forces summary7.2 Bargaining power of buyers7.3 Bargaining power of suppliers7.4 Threat of new entrants7.5 Threat of substitutes7.6 Threat of rivalry7.7 Market condition8 Market Segmentation by End-user8.1 Market segments8.2 Comparison by End-user8.3 Textile companies - Market size and forecast 2024-20298.4 Professional testing agencies - Market size and forecast 2024-20298.5 Market opportunity by End-user9 Market Segmentation by Application9.1 Market segments9.2 Comparison by Application9.3 Apparel industry - Market size and forecast 2024-20299.4 Footwear industry - Market size and forecast 2024-20299.5 Others - Market size and forecast 2024-20299.6 Market opportunity by Application10 Market Segmentation by Technology10.1 Market segments10.2 Comparison by Technology10.3 Manual - Market size and forecast 2024-202910.4 Semi-automated equipment - Market size and forecast 2024-202910.5 Fully automated and smart - Market size and forecast 2024-202910.6 Market opportunity by Technology11 Customer Landscape11.1 Customer landscape overview12 Geographic Landscape12.1 Geographic segmentation12.2 Geographic comparison12.3 APAC - Market size and forecast 2024-202912.4 Europe - Market size and forecast 2024-202912.5 North America - Market size and forecast 2024-202912.6 Middle East and Africa - Market size and forecast 2024-202912.7 South America - Market size and forecast 2024-202912.8 China - Market size and forecast 2024-202912.9 US - Market size and forecast 2024-202912.10 Japan - Market size and forecast 2024-202912.11 India - Market size and forecast 2024-202912.12 Germany - Market size and forecast 2024-202912.13 South Korea - Market size and forecast 2024-202912.14 France - Market size and forecast 2024-202912.15 Australia - Market size and forecast 2024-202912.16 UK - Market size and forecast 2024-202912.17 Italy - Market size and forecast 2024-202912.18 Market opportunity By Geographical Landscape13 Drivers, Challenges, and Opportunity/Restraints13.1 Market drivers13.2 Market challenges13.3 Impact of drivers and challenges13.4 Market opportunities/restraints14 Competitive Landscape14.1 Overview14.2 Competitive Landscape14.3 Landscape disruption14.4 Industry risks15 Competitive Analysis15.1 Companies profiled15.2 Company ranking index15.3 Market positioning of companies For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-03-2025
- Business
- Yahoo
Don't Race Out To Buy SGS SA (VTX:SGSN) Just Because It's Going Ex-Dividend
It looks like SGS SA (VTX:SGSN) is about to go ex-dividend in the next three days. The ex-dividend date is two business days before a company's record date in most cases, which is the date on which the company determines which shareholders are entitled to receive a dividend. The ex-dividend date is important as the process of settlement involves at least two full business days. So if you miss that date, you would not show up on the company's books on the record date. Therefore, if you purchase SGS' shares on or after the 2nd of April, you won't be eligible to receive the dividend, when it is paid on the 24th of April. The company's next dividend payment will be CHF03.20 per share, on the back of last year when the company paid a total of CHF3.20 to shareholders. Based on the last year's worth of payments, SGS has a trailing yield of 3.6% on the current stock price of CHF088.18. If you buy this business for its dividend, you should have an idea of whether SGS's dividend is reliable and sustainable. So we need to investigate whether SGS can afford its dividend, and if the dividend could grow. Dividends are typically paid out of company income, so if a company pays out more than it earned, its dividend is usually at a higher risk of being cut. Last year, SGS paid out 104% of its income as dividends, which is above a level that we're comfortable with, especially if the company needs to reinvest in its business. Yet cash flow is typically more important than profit for assessing dividend sustainability, so we should always check if the company generated enough cash to afford its dividend. It paid out 21% of its free cash flow as dividends last year, which is conservatively low. It's disappointing to see that the dividend was not covered by profits, but cash is more important from a dividend sustainability perspective, and SGS fortunately did generate enough cash to fund its dividend. Still, if the company repeatedly paid a dividend greater than its profits, we'd be concerned. Extraordinarily few companies are capable of persistently paying a dividend that is greater than their profits. See our latest analysis for SGS Click here to see the company's payout ratio, plus analyst estimates of its future dividends. Businesses with shrinking earnings are tricky from a dividend perspective. If earnings fall far enough, the company could be forced to cut its dividend. That's why it's not ideal to see SGS's earnings per share have been shrinking at 2.5% a year over the previous five years. The main way most investors will assess a company's dividend prospects is by checking the historical rate of dividend growth. SGS has delivered an average of 1.6% per year annual increase in its dividend, based on the past 10 years of dividend payments. From a dividend perspective, should investors buy or avoid SGS? It's not a great combination to see a company with earnings in decline and paying out 104% of its profits, which could imply the dividend may be at risk of being cut in the future. However, the cash payout ratio was much lower - good news from a dividend perspective - which makes us wonder why there is such a mis-match between income and cashflow. With the way things are shaping up from a dividend perspective, we'd be inclined to steer clear of SGS. With that being said, if you're still considering SGS as an investment, you'll find it beneficial to know what risks this stock is facing. Case in point: We've spotted 2 warning signs for SGS you should be aware of. If you're in the market for strong dividend payers, we recommend checking our selection of top dividend stocks. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
