METZINGEN (dpa-AFX) - The supervisory board of fashion group Hugo Boss intends to retain its heavily criticized CEO Daniel Grieder. The suspicion of a "violation of insider trading regulations" is unjustified, the MDax group announced on Wednesday in Metzingen in response to accusations made in recent days. The Supervisory Board has therefore expressed its confidence in Grieder. The Hugo Boss share subsequently rose by three percent on the stock exchange, after the price had come under significant pressure in the past few days and at times lost double digits.

The Austrian newspaper "Kronen-Zeitung", among others, had previously reported on the alleged secret plan by Grieder and the entrepreneur René Benko. According to the newspaper, this was intended to exert influence on the company. The Hugo Boss press office did not wish to comment on this. When asked by the newspaper, neither Grieder nor Benko's lawyer would comment on the matter./ngu/stk