Rompetrol transactions under investigation
The Romanian National Securities Commission (CNVM) announced that it has launched an investigation regarding the Bucharest Stock Exchange transactions with shares in companies belonging to the Rompetrol group on Tuesday.
Trading with Rompetrol shares had continued for a while on Monday despite an announcement at noon that day that businessman Dinu Patriciu sold 75% of the group to Kazakh company KazMunayGaz. The Broker’s Association complained on Tuesday about the way the transaction was undertaken by Rompetrol. The accusations challenge the way the information on the transaction was made public before the Bucharest Stock Exchange was informed about it. However, CNVM representatives told for HotNews.ro that the investigation had started before the Broker’s Association submitted a complaint. The Association affirms that it was concerned that the information on the Rompetrol-KMG deal was not distributed accordingly to the media and relevant authorities. The acquisition contract was signed on August 24 and the information was made public in August 27. The price of shares in companies belonging to the Rompetrol group rose 10% within several minutes of the announcement on Monday.
President of the Broker’s Association, Dan Paul says that the information should have came first from the Stock Exchange in Bucharest and not from the press. Economist Liviu Moldovan told HotNews.ro that the decision is very correct because there was a delay between the moment in which the sale was announced and the the moment the shares were suspended from the stock. He added that the discrepancy is the fault of Rompetrol for first announcing the press and then the Stock Exchange. For his part, Dinu Patriciu told HotNews.ro that the announcement regarding the sale should have been made by the buyer and by Rompetrol Holding, as it happened. (hotnews.ro)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.