Ajax executive director suspended by club for insider trading
Alex Kroes purchased more than 17,000 Ajax shares a week before his appointment as chief executive, announced on August 2, 2023.
Ajax’s executive director, Alex Kroes, has been suspended by the club on suspicion of abuse of privileged information, the fifth-ranked club in the Dutch football championship announced this Tuesday in a statement.
According to the Amsterdam club, 50-year-old businessman Alex Kroes bought more than 17,000 Ajax shares a week before his appointment as executive director, announced on August 2, 2023.
“The supervisory board requested an external legal opinion, which concluded that it [Alex Kroes] likely engaged in insider trading. Insider trading is a crime,” Ajax explained in a statement.
Alex Kroes admitted that he had not made “the most sensible decision”, while also stating that by acquiring the shares he intended to send “a positive signal to restore confidence within the club”.
Ajax, four times European champions, experienced the worst start to the season in their history, remaining for a moment in last place in the standings, provoking the anger of fans which turned into acts of violence at the end of 2023.
The club with iconic players such as Johan Cruyff, Marco van Basten and Dennis Bergkamp recovered and is in fifth place in the Dutch league, 28 points behind leader PSV Eindhoven. Ajax were also eliminated in the round of 16 of the Europa Conference League.
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