It emerged last week that the names of seven European Commission civil servants have been passed to the French authorities in connection with insider-trading allegations made against them.
According to reports in the French media, the country's financial regulator, AMF, is conducting a probe into the takeover in 2003 of French packaging firm, Pechiney by its Canadian counterpart, Alcan.
AMF is reportedly examining e-mails, telephone conversations and meeting records in order to decide if any wrongdoing took place, following concerns over irregular share trading activity.
However, the seven have been cleared of any wrongdoing by an internal investigation, as an EC spokesman confirmed late last week, announcing that:
"At this stage, the commission has no reason to believe that officials, or its officials in particular are involved with or implicated in insider dealing."
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