FHB Mortgage Bank receives HUF 105 mln fine, may appeal

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The National Bank of Hungary (MNB) fined FHB Mortgage Bank HUF 105 million on charges of violating the rules on the prohibition of illegal market manipulation, Hungarian news agency MTI reported yesterday.

According to the central bank, FHB published misleading information related to the subscription of its euro bonds issued in December 2012 and May 2013.

After conducting a comprehensive audit of the issuer, the central bank established its opinion that extraordinary communications by FHB published in public disclosures, which said the bonds were issued “for non-resident investors”,were capable of misleading investors, MTI reported.

After trading on the Budapest Stock Exchange closed yesterday, FHB said it is considering exercising its right to appeal in court against the central bankʼs resolution.

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