The Municipal Court of Budapest will announce a ruling in the case of Soros Fund Management v. PSzÁF next Friday, a lawyer representing one of the sides in the case told MTI on Thursday, the first day of the hearing.
The Municipal Court ordered the hearing closed, at the request of the defendant.
Soros Fund Management is appealing a HUF 489 million (€1.8 million) fine by financial market regulator PSzÁF levied on the investor for exercising unfair market influence. Soros Fund Management borrowed 325,000 OTP Bank shares and sold them in the last minutes of trade on the Budapest Stock Exchange on October 9, 2008, causing the price to fall more than 9%.
PSzÁF estimated the fund profited $675,000 from the transaction, and it set the fine at four times that amount. The Soros fund had paid in the fine it appealed.
George Soros, the Hungarian-born American investor who owns the fund, called the sale an unfortunate matter. “I particularly regret the incident due to my strong personal connection to Hungary, even if the company's broker did not violate current Hungarian regulations,” he said. (MTI-Econews)