Trade in Norbi Update, OTT-ONE shares suspended

Analysis

Trading in the shares of Hungarian lifestyle firm Norbi Update Lowcarb and Hungarian software and IT services firm OTT-ONE was suspended today by the National Bank of Hungary (MNB) on charges of violating mandatory disclosure rules, according to reports. 

Probes by Hungary’s National Economy Ministry of the former auditor of the companies showed that the auditorʼs report on the companiesʼ 2014 consolidated financial results failed to meet regulatory requirements, the central bank said, according to Hungarian news agency MTI. 

The central bank said that the suspension in the trade of the companies will remain in effect until their mandatory disclosure commitments are fulfilled.

On April 5, the day after the MNB announced it had fined Norbi Update Lowcarb Nyrt. HUF 1 million, the central bank said trading in the companyʼs shares was suspended, although the suspension was later lifted.

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