BERLIN, Aug. 17 (Xinhua) -- Members of Deutsche Boerse's management board will be questioned in an investigation into its chief executive officer Carsten Kengeter.
Following media reports on "widening investigations" on Thursday, the Frankfurt state prosecutor told Xinhua that "there has been no change to the legal proceedings and the investigations is focused on Mr. Kengeter exclusively. Further members of management are only being questioned as witnesses."
Deutsche Boerse is Europe's largest stock exchange by market value. German authorities launched a criminal probe into Kengeter back in February over suspicions of insider trading.
The investigations are linked to a collapsed bid to acquire rival London Stock Exchange Group. The Frankfurt-based stock exchange was dealt two ultimately fatal blows to its plans to form a European powerhouse, first when the United Kingdom voted to leave the European Union (EU) and then when the bloc's competition authorities refused to grant approval for the merger.
Kengeter was subsequently accused of having made illicit share purchases before formal work began on the failed deal.
Kengeter denies any wrongdoing and has been publicly supported by Deutsche Boerse which has said that "the allegations are unfounded in all respects." Deutsche Boerse said four weeks ago that prosecutors offered to end proceedings against Kengeter in exchange for a 10.5-million-euro (12.3 million U.S. dollar) fine, a claim that was denied by German authorities.
The works council representing the stock exchange's employees described the investigations as "extremely embarrassing."
"We can't recall that there has ever been such severe damage to our reputation in the long history of the company," a statement by the council reads.
The German state of Hesse, which oversees the stock exchange, has announced it would wait for the decision of public prosecutors before taking any additional steps. The renewal of Kengeter's contract, which is due to expire in March 2018, has been stalled by the charges filed against him.
