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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.
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.