Hungary's Supreme Court upheld in a ruling on Thursday a decision by a lower court rejecting an appeal by Soros Fund Management against a resolution by Hungarian financial market regulator PSzÁF fining it HUF 489m for exercising unfair market influence.
The Budapest Municipal Court of Appeals rejected the fund's appeal in April 2010.
PSzÁF announced the resolution on March 26, 2009. It said Soros Fund Management borrowed hundreds of thousands 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 USD 675,000 from the transaction, and it set the fine at four times that amount.
George Soros, the Hungarian-born US investor who owns the fund, earlier 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," Soros said.