Hungarian financial market supervisory body PSzÁF has levied a HUF 5 million fine on Krisztián Horváth, the managing director of a unit of recently listed property holding company Appeninn for influencing the market, PSzÁF said on its website on Tuesday.
Horváth placed a large number of both selling and buying orders for Appeninn shares with several brokers between July 2 and July 26 both in his own name and in the name of Appeninn unit WBO, he headed at the time, a PSzÁF investigation found.
The orders gave false and misleading information on the true size of demand and price of the stock, PSzÁF said adding that Horváth did not report his transactions as required under regulation on insider trading.
Appeninn was floated on the Budapest Stock Exchange from July 2. (MTI-Econews)