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German regulator says Geely's Daimler stake needed earlier disclosure

Reuters  |  FRANKFURT/BERLIN 

FRANKFURT/BERLIN (Reuters) - German markets regulator BaFin is reviewing whether to impose fines after it found that transactions to buy a 9.69 percent stake in Daimler on behalf of Li Shufu, chairman of Chinese carmaker Geely, should have been disclosed earlier.Li disclosed on February 23 that he had amassed a $9 billion investment in the German carmaker using banks, shell companies and derivatives, prompting questions in Berlin political circles about the adequacy of German disclosure rules. Li, who controls carmaker Volvo, revealed he had control over almost 10 percent in rival Daimler, ...

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First Published: Sat, May 12 2018. 23:58 IST
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