MNB fines SET Group HUF 40 mln for manipulating share price
Elnur / Shutterstock.com
The National Bank of Hungary (MNB) imposed a fine of HUF 40 million on listed holding company SET Group for violating the provisions prohibiting market manipulation, writes novekedes.hu.
Photo by Elnur / Shutterstock.com
During the market surveillance procedure, the central bank established that the company’s head of strategy Ádám Orbók made end-of-session trades to boost the companyʼs share price.
Orbók claimed his aim was to draw the scrutiny of the central bank and financial market regulator to prompt a probe, the MNB said.
The MNB reported Orbók to the Budapest Municipal Prosecutor and posted a warning concerning him on its website.
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