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MNB fines SET Group HUF 40 mln for manipulating share price

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.