MILAN (Reuters) – Shares in Leonteq 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)
