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The serious case of Ziegler's insider has effects on the sophisticated Rockefeller Center in New York. It houses the leaders of the Lazard Global Investment Bank, one of the oldest and most fashionable names for mergers and acquisitions. For the knowledge of Ziegler came Lazard's Swiss advisory mandates, as research by the exhibitions "Handelszeitung".
Ziegler worked for Lazard as a senior consultant in Zurich between 2014 and 2016. The highly experienced consultant was brought in because of his knowledge of the Swiss economy and his experience in the sales and renovation of # 39; businesses. Lazard was an interesting partner for Ziegler. The bank is considered a good address for transactions, even in Switzerland. From Gategroup to Actelion, Selecta and Charles Vögele on the sale of BSI; Lazard advised one of the sites on many transactions
Ziegler was often there – and he used the knowledge for himself. He exchanged his private account with shares of companies considering an agreement with Lazard. And they revealed their secret plans to the bank. Last week, the Federal Administrative Court upheld the findings of the Autorité des marchés financiers
Lazard confirms that the consultant, criticized by the Finma, was working for the Zurich branch of the Investment Bank. "We are deeply disappointed that this former adviser has abused confidential information, as determined by the Swiss authorities," said company spokesman Wolfgang Weber-Thedy. He emphasizes: "Lazard does not tolerate any illegal or unethical behavior." He does not say whether the bank is suing Ziegler.
Ziegler was the secret carrier
Ziegler was more than a mere consultant in his environment. In fact, he was treated as Lazard's own colleague. That's what people in the industry say, and that's what holds the court verdict. His roles were not always clear. For example, at Vögele, where Ziegler sat on the board of directors until 2015, most recently as chairman. Lazard advised the clothing retailer at the time of the takeover by the Italian OVS. Or at Schmolz + Bickenbach, advised by Lazard in 2015 and whose Ziegler board of directors was in office until 2016.
The role of Ziegler in Lazard is spoken to by insider and directly to secret knowledge. According to the court documents, Ziegler describes the situation so that, although he used sensitive information, a Lazard employee fled him. "I say that because, in my opinion, it would make sense to ask a person in this context, Mr. (…), who gave me the information because of this position, in pointing out that it was a privileged piece of information "He said in a survey. The question of whether Ziegler was a primary or secondary insider, ultimately has an influence on the sentence, which could threaten him someday in the ongoing criminal proceedings.
In court, Ziegler pleaded on three insider transactions, where he did, made 27 million francs. It may have acted Actelion, Gategroup and Micronas. This is supported by the comparison of anonymously described cases with publicly available data. And this is confirmed by someone who has had an overview of the cases. The largest gain that Ziegler apparently made in the sale of Micronas to TDK, in which shareholders at that time a high surtax was offered.
More than just three cases
Documents from Finma and Federal Administrative Court but also shows These three cases were more transactions. And the Ziegler apparently recognizes. In the 2017 performance report, for example, Finma wrote that the insider had received his information "on the one hand as an organ of companies with which he acted and on the other. other hand on the basis of a consultant contract ". As it was not an institution for the companies described in the judgment, there must have been other insider trading.
The court's decision also states that: "The complainant has disputed the decision that in part and the cancellation of the relevant numbers of the Transaction Reference R., S. and T. ( the three cases described) .It did not dispute the order with respect to other transactions. "This means that there have not been more than three more cases than the other cases. Initiates, but Ziegler is also partially responsible.Finma did not want to comment on it.
Hans Ziegler was one of the biggest in the business. Started as a financier in the retail business, he became aware of it in the late 90s, when he, as CFO, spun the Interdiscount Group, bottler, and sold the Swiss store to Coop.Later, more commitments were added. Famous was that of Erb Group, which he initiated the liquidation because the company was not to spare.More recently, its mandates V R at Charles Vögele, Schmolz + Bickenbach and OC Oerlikon were mentioned. The latest were published by Ziegler when the survey was known.
A good networker was also seen abroad in Ziegler. Commerzbank brought him as a Swiss representative on an advisory board. Meanwhile, Ziegler is no longer there, says a spokesman for the bank. The other mandates lost Ziegler. The job at Lazard expired in 2016 – finally, after his secondary business went well. Even shorter, he was invited to the consulting firm Alix Partners, where he was recruited as a senior partner two years ago. He remained "until the allegations are known end of November 2016," said a spokesman. Still for Ziegler for the insider offenses challenged presumption of innocence. He may appeal to the Federal Supreme Court against the verdict of the Federal Administrative Court.
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