Download 'Too Hot', an exclusive Specials track from iTunes
Hours before a ceremony to mark formal certification of the aircraft — its last hurdle before the delivery of the first plane — investigators presented search warrants at the Paris offices of EADS and Lagardère, the French publishing group and a major shareholder.
The raids were led by Philippe Courroye and Xavière Simeoni as part of a continuing criminal investigation into suspected insider dealing linked to the production delays of the A380.
While declaring that the police raids were “a predictable part of the investigation”, Louis Gallois, the head of Airbus, appeared to concede that the timing — just when the aircraft maker was revelling in much- needed good news — was down to bad luck.
“It is not for me to comment on the actions of the law enforcers,” he said.
The investigation into the suspect share dealings was opened in November after it emerged that Noel Forgeard, the former joint chief executive of EADS, and some former colleagues had sold off company stock three months before the announcement of the A380 delay sent EADS’ share price tumbling.
Lagardere announced that it was reducing its stake in EADS at around the same time.
The Financial Markets Authority in France has already opened an insider dealing investigation. It has carried out searches at both EADS and Airbus offices.
The four executives involved — who were named in a lawsuit filed by small shareholders — have denied insider-trading allegations. They are: Noel Forgeard, the former joint chief executive of EADS, François Auque, the head of the group’s space division, Jean-Paul Gut, the chief operating officer, and Jussi Itavuori, the head of human resources.
The ceremony yesterday saw a formal certificate signed by officials from the European Aviation Safety Agency and the US Federal Aviation Administration.
In October the first delivery of the plane, the world’s largest passenger aircraft, will be made to Singapore Airlines.
The superjumbo has already finished an arduous test-flight programme in which five planes have logged 2,600 flight hours in various conditions including take-off and landings using snow-bound runways.
The A380 has endured cost overruns and cumulative delivery delays of two years. The crisis is expected to wipe €4.8 billion (£3.25 billiion) off EADS’ forecast profits over the next four years. This year Airbus is set to fall behind Boeing, its US rival, on orders, for the first time since 2001.
In October, Virgin Atlantic became the first airline effectively to pull out of the A380 project, deferring its $1.8 billion (£1 billion) order until 2013.
Mr Gallois said that, despite its problems, Airbus “is a company which is moving forward.”
Win a luxury weekend to Newcastle and its neighbour Gateshead, find out more here
Risk, resilience and embracing new technology
Industry sectors news at a glance. Interactive heatmap, video and podcast
Discover the power of collective thinking. Submit a solution and be in with a chance to win a Media Hub Home Entertainment System
The inside track on current trends in the charity, not for profit and social enterprise sectors
Everything the Business Traveller needs to know to make a better trip
Make the most of the summer and enter our fabulous photographic competition, you could win a £5000 holiday
Corsica is an island of beauty and contrast, an ideal holiday destination
Enjoy further reading from Travel to Fashion, Business to Sport, discover more
Shortcuts to help you find sections and articles
The clever way to lease a new car is with Car leasing made simple™
2009
per month on 36-month
Personal Contract Hire (PCH)
2008
42850
Car Insurance
£24,250 - £30,346
MI5
London
£60,000
The Environment Agency
Bristol
Up to £90K
Boots
Midlands
OTE £85k
Credit Protection Association
Nationwide Opportunities
Completely London
Luxury Condo's in Manhattan with NYC views
The best new homes in Wimbledon?
Nationwide
Fabulous Cruise And Cruise & Stay Offers Including Virgin Atlantic Flights Prices Start From Only £699pp!
Last Minute Cruise And Cruise & Stay Offers. Med From £499pp, Caribbean From £699pp!
5 star quality at a 3 star price.
8 fabulous Canadian cities ...you won’t find cheaper
Contact our advertising team for advertising and sponsorship in Times Online, The Times and The Sunday Times, or place your advertisement.
Times Online Services: Dating | Jobs | Property Search | Used Cars | Holidays | Births, Marriages, Deaths | Subscriptions | E-paper
News International associated websites: Globrix Property Search | Property Finder | Milkround
Copyright 2009 Times Newspapers Ltd.
This service is provided on Times Newspapers' standard Terms and Conditions. Please read our Privacy Policy.To inquire about a licence to reproduce material from Times Online, The Times or The Sunday Times, click here.This website is published by a member of the News International Group. News International Limited, 1 Virginia St, London E98 1XY, is the holding company for the News International group and is registered in England No 81701. VAT number GB 243 8054 69.