Bafin launches market abuse probe

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BERLIN - German federal regulator Bafin has begun an insider trading probe into an alleged scam involving shares in subscription TV broadcasting firm Premiere.

The regulator's investigation is looking into trades linked to a correction in the company's subscription base, a Bafin spokesman reportedly told Reuters. In October 2008, Premiere said it was changing its method for counting subscribers, causing its list of subscribers to fall by 940,000 compared with the previous list.

Premiere is undergoing a restructuring plan in an attempt to find €525 million ($689 million) through two issues of new shares. The subscription window for the second rights issue will close on April 17.

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