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Ubisoft Executives Fined Over £1 Million for Insider Trading

ubisoft, AAA IP, e3, 2016

Ubisoft Executives Fined Over £1 Million for Insider Trading

Four of the executives to appeal the sanctions

After the news a month ago that several Ubisoft executives stood accused of insider trading by the AMF, the sanctions have now been handed down.

The decision was announced today, and the five Ubisoft executives, from both France and Canada, have had fines totalling $1.2 million levied at them. To view the full decision from the AMF, click here, but bear in mind it’s only available in French

The accusation was that around three months before the first Watchdogs game and The Crew were delayed in 2013, the execs sold off company shares, and are being accused of doing so knowing that the shares would plummet due to the delay.

Ubisoft commented on the AMF’s decision in a statement which the publisher shared with Gamespot:

“Ubisoft acknowledges the AMF’s decision but continues to assert that the people involved acted in good faith. We are convinced that these team members did not intentionally commit any acts contrary to market regulations.

“Similarly, given the processes and timetables involved in the production of major games at our company and within our industry in general, we believe that at the time they carried out their transactions these employees could not have been aware of or anticipate the subsequent decision to postpone the game that would be taken by Yves Guillemot on October 11, 2013.

“Regrettably, the AMF’s decision represents a serious misunderstanding of the game development and production process at our company and common to our industry. Each major game requires the involvement of multiple teams across the company, but ultimately only the company’s CEO can make an exceptional decision such as changing a game’s release date.”

Following the decision, four of the employees – Christine Burgess, Yannis Mallat, Olivier Paris, and Francis Baillet – have said that they will be appealing the AMF’s sanctions.

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