The 4.75 million euros that Carsten Kengeter, former head of German exchange operator Deutsche Boerse, agreed to pay corresponds to the value of the shares purchased by him in December 2015 as well as others received as part of his compensation package

Frankfurt am Main (AFP) - The former head of German exchange operator Deutsche Boerse has agreed to pay 4.75 million euros ($5.4 million) to end a probe into suspected insider trading, prosecutors said Wednesday.

Frankfurt prosecutors opened the case against Carsten Kengeter in 2016 over his purchases of shares in Deutsche Boerse two months before a merger plan with the London Stock Exchange was unveiled, an announcement which sent their share prices shooting upwards.

“The proceedings against the former CEO of Deutsche Boerse and the Deutsche Boerse company, as co-accused in the case, are now closed,” the Frankfurt prosecutor’s office said in a statement.

The payment does not constitute an admission of guilt by Kengeter, who has repeatedly maintained his innocense.

Likewise, Deutsche Boerse maintains the allegations were unfounded, but decided not to appeal 10.5 million euros in fines over the case.

The 4.75 million euros that Kengeter agreed to pay corresponds to the value of the shares purchased by him in December 2015 as well as others received as part of his compensation package.

Prosecutors suspected Kengeter had discussed a possible merger with the London Stock Exchange executives months previously.

Kengeter stepped down at the end of 2017 due to the probe.

The merger between Deutsche Boerse and the London Stock Exchange was blocked in 2017 by EU regulators over competition concerns.