PSZÁF fines econet.hu Ft 2.5 mln, orders independent audit
Sunday, September 25, 2005, 00:00
The State Financial Supervisory Authority (PSZÁF) has fined IT company econet.hu Ft 2.5 million for failing to publish transparent financial information about its investments and ordered an independent audit of the company's unconsolidated and consolidated figures for H1 2005. At the same time, PSZÁF lifted the ban on trading in econet.hu's shares as of Friday. PSZÁF announced on September 1 it was suspending trading in econet.hu shares for 30 days while it investigates the company's practice of making announcements. The watchdog said it aimed to end major changes in econet.hu's share price caused by the publication of extraordinary information, thereby ensuring a level playing field for all investors.