Central bank suspends trade of Norbi Update Lowcarb

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A day after the National Bank of Hungary (MNB) announced it fined Hungarian lifestyle and nutrition company Norbi Update Lowcarb Nyrt. HUF 1 million, the central bank today said trading in the companyʼs shares has been suspended, according to a press release issued this morning.

Norbert Shobert, the owner of Norbi Update Lowcarb Nyrt. (Photo: Official Facebook page of the company)  

MNB charged the company with violating rules related to providing information in connection with Norbi Update Lowcarb. The central bank said it closely monitored the activities of the company in the recent period and charged the company with failing to publish the number of voting rights related to its shares, the press release said. 

The central bank urged the company to immediately provide information in connection with the issues the financial watchdog has not yet received and which are necessary for trading the shares of a company listed on the Budapest Stock Exchange.

The MNB said yesterday that the company posted information and announcements on its official Facebook page and in the press that were not submitted on time or at all to the financial market watchdog, and as such was in violation of disclosure rules, according to reports. The central bank warned the company to refrain from such practices in the future.

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