Bourse fines BTel for failing to comply with disclosure rules

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The Budapest Stock Exchange yesterday said it had fined Business Telecom (BTel) HUF 3 mln for failing to comply with disclosure rules. The bourse ordered BTel to comply with the rules and make an extraordinary announcement immediately. 

It also asked BTel to pay its bourse dues. The troubled telco was placed under interim management early in December, a month after it was announced that investor Timur Rahimkulov would inject HUF 950 mln in the company.

Rahimkulov had decided against injecting the capital in the company, citing information on its business and liquidity position that he became aware of only after committing to the capital raise. Magyar Telekom is suing BTel for HUF 944m in unpaid bills, and a subscriber of the company's corporate bonds has launched a liquidation procedure against it.

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