The Municipal Court of Budapest on Friday rejected an appeal by Soros Fund Management against a decision by financial market regulator PSZÁF fining it HUF 489 million (€1.8 million) for exercising unfair market influence.
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 $675,000 from the transaction, and it set the fine at four times that amount.
George Soros, the Hungarian-born American 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,” he said. (MTI-ECONEWS)