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Hungary fines Pannonplast executives over insider trading

Hungary's financial regulator fined executives at Pannonplast Nyrt, a Hungarian plastic packaging maker turned stock-market investor, because of insider trading in the company's stock last year.

The Budapest-based regulator fined three Pannonplast Nyrt executives Ft 3 million each ($15,595) and a person closely related to one of them for Ft 18 million, it said in an e- mailed statement. The regulator ruled the four persons participating in stock transactions on August 29, had inside information about a new appraisal of the company's assets, which executives discussed with investors that day. Pannonplast posted its first annual profit in five years in 2006 after a stake it bought in a local computer services company boosted earnings, it said earlier this month. The stock has gained 83% over the past 12 months, valuing the company at Ft 17.3 billion ($89.8 million). (Bloomberg)