Shares in Leonteq hammered after FT report on unusual trading activity

Leonteq AG

11/10/2022 09:52

MILAN, Oct 11 (Reuters) - Shares in Leonteq  LEON.S 
fell further on Tuesday, erasing as much as one fifth of its
market value in two days after the Financial Times reported on
unusual trading activity at the Swiss fintech company.
    The FT reported on Monday that whistleblowers have accused
auditor EY of whitewashing suspicious trades including money
laundering and tax evasion in an investigation it conducted this
year for Leonteq, a long-standing client.
    The company was not immediately available for comment when
contacted by Reuters.
    The FT quoted Leonteq as saying it had "a strict zero
tolerance policy regarding non-compliant business behaviour" and
that all allegations were "managed, monitored and reported with
due care and process." 
    Its shares fell another 7% in Zurich on Tuesday, adding to a
19% drop on Monday, giving the company a market capitalisation
of less than 700 million Swiss francs($700.63 million).  
($1 = 0.9991 Swiss francs)
 (Reporting by Danilo Masoni; Editing by Amanda Cooper)
 ((Danilo.Masoni@TR.com; +39-02-66129734; Reuters Messaging:
danilo.masoni.thomsonreuters.com@reuters.net; On Twitter https://twitter.com/damasoni))