NEW YORK, March 10 (Reuters) – Activist British hedge fund Laxey Partners breached Swiss law in acquiring a 22.89 percent stake in Swiss construction company Implenia AG (IMPN.S: Quote, Profile, Research) without properly disclosing it, the Swiss Federal Banking Commission (SFBC) said on Monday.
In a statement, the SFBC said it will file a criminal complaint with the Swiss Department of Finance, which can prosecute Laxey for violations of Swiss securities laws.
Implenia, in a separate statement, said it was "pleased" with the SFBC finding. It said Laxey now faces fines of up to 250 million Swiss francs ($242 million) and suspension of all Laxey voting rights in Implenia shares for several years.
A representative of Laxey could not be reached for comment.
