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After suspension, trade in KEG shares resumes

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The National Bank of Hungary (MNB) ordered the resumption of trade in shares of LPG company KEG from the start of the session today, a resolution posted on the website of the Budapest Stock Exchange (BSE) shows, according to Hungarian news agency MTI.

In a separate announcement on MNBʼs website, the central bank and financial market watchdog said information it had become aware of related to KEGʼs activities had prompted it to file a report with the investigative authority.

The MNB introduced the suspension a week earlier, after the company failed to reveal the reason for the resignation of its auditor.

In a statement published on the website of the Budapest Stock Exchange on Wednesday, KEG said that it had wanted to work with another auditor since October of last year, but “REPORT and AUDIT Auditing and Tax Consulting Kft, in the person of the accountant István Gyapjas” had refused to return some of its books and “showed an unwillingness to cooperate”.

KEG dismissed allegations by its former auditor that its management had concealed data.

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