Former EADS official still held

The EADS group includes Airbus, manufacturer of the A380

A former EADS executive has been held by financial police for a second day while investigations into allegations of insider trading continue.

Jean-Paul Gut and other EADS executives sold EADS shares amounting to millions of euros before announcing delays to the A380 superjumbo in June 2006.

The 2006 statement wiped 26% off the value of EADS shares in one day.

His lawyers deny any wrongdoing, saying the share sale was part of a lawful exercise of stock options.

Mr Gut, a former deputy chief executive, was detained on Monday and has been held for a further 24 hours.

The Paris prosecutor began inquiries in 2006 and the financial markets authority, AMF, is also investigating.

Mr Gut's lawyers have defended their client's sale of shares as "part of the constant practice of exercising stock options" which "took place in strict respect of internal EADS rules and regulations and during authorised periods".

Mr Gut left EADS last year and received a £2.8m ($4.33m) severance package.

The AMF investigation focused on sales of shares by 17 current and former EADS executives and shareholders.