03 May 2016
Visit sap.com

Lussi suspension ignites battle for control of Clearstream

17 May 2001  |  7923 views  |  0 london

Clearstream International has suspended president and CEO Andre Lussi pending the outcome of investigations in to allegations that the European settlement platform has been used as a vehicle for money laundering.

Carlos Salvatori, the head of Lussi's office, and Robert Massol, managing director and chief human resources officer have also stepped aside pending the investigations by a public prosecutor appointed by the Luxembourg finance ministry. It follows revelations in a book by a former Luxembourg banker which made allegations of money laundering against Clearstream.

André Roelants, chairman of the executive committee of Dexia/BIL and a Clearstream board member has accepted the role of interim CEO.

He says: "We are co-operating in every way possible to ensure this investigation is completed as quickly and effectively as possible."

The suspension of Lussi has fired speculation that Deutsche Borse, which owns 50 per cent of Clearstream, is preparing to make a bid for the outstanding stake from the bank-backed Cedel consortium. The move is likely to be blocked by investment banks pushing for a merger between Clearstream and Brussels-based rival Euroclear. The European Commission, which is currently investigating clearing and settlement arrangements in the EU, would want to look closely at such a dominant combination if it were to fall under the control of a single exchange.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Cruickshank calls for break-up of exchange clearing systems

Cruickshank calls for break-up of exchange clearing systems

26 April 2001  |  2704 views  |  0 comments
Crest cuts cross-border settlement fees

Crest cuts cross-border settlement fees

23 April 2001  |  3093 views  |  0 comments
European Commission consults on clearing and settlement

European Commission consults on clearing and settlement

03 April 2001  |  3175 views  |  0 comments
Deutsche Borse expands information products division

Deutsche Borse expands information products division

26 March 2001  |  2199 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreFind out moreVisit equens.com

Top topics

Most viewed Most shared
Deutsche Bank prepares for digital futureDeutsche Bank prepares for digital future
11314 views comments | 34 tweets | 65 linkedin
Apple Pay picks up 1 million new users a week; comes to ANZ customersApple Pay picks up 1 million new users a w...
8287 views comments | 20 tweets | 21 linkedin
Turkey launches national payments systemTurkey launches national payments system
6529 views comments | 21 tweets | 23 linkedin
IBM makes blockchain cloud playIBM makes blockchain cloud play
5849 views comments | 25 tweets | 22 linkedin
ABN Amro's blockchain journeyABN Amro's blockchain journey
5273 views comments | 17 tweets | 26 linkedin

Featured job

Find your next job