World Online insider dealing probe deepens

The shadow of suspicion falls largely on former CEO Nina Brink. Prior to World Online's IPO in March of this year, Brink sold much of her stake in the company well below share issue price. She was forced to resign by pressure from investors shortly afterwards.

Investigations are being led by the public prosecutor's office. Company headquarters in Rotterdam, as well as several employee residences, were raided early this week.

A World Online spokeswoman refused to give details of the raids, stating that the company had been aware of pending court action and is relieved it has begun. No internal action is to be taken at this point as Brink is currently considered to be solely responsible.

Italian rival Tiscali acquired World Online in September in a bid to create Europe's second-largest ISP. A spokesman refused to comment, claiming that Tiscali's intentions remain unchanged by the investigation.