Ajax CEO Suspended Over Insider Trading Allegations

Ajax chief executive Alex Kroes has been suspended by the club’s supervisory board following allegations of insider trading. The board claims Kroes purchased over 17,000 shares in the club just a week before his appointment was officially announced.

Kroes denies wrongdoing and intends to seek judgment from the Dutch financial watchdog AFM. However, the board considers his position untenable and intends to terminate his employment. Shareholders will discuss Kroes’ dismissal at an upcoming meeting.

Kroes who was appointed in August only recently began his role due to contractual obligations at his previous club. He succeeded Edwin van der Sar but faces dismissal amid controversy.