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Soros Fund Management appeals market regulator's fine

Soros Fund Management has appealed the HUF 489 million (€1.78 million) fine that Hungary's financial-market regulator PSZÁF imposed on the company in March for violating regulations prohibiting unfair market influence, the daily newspaper Népszabadság reported on Wednesday.

A spokesman for Soros told the newspaper that Soros Fund Management had already paid the fine.

PSZÁF announced on March 27 that it had fined Soros Fund Management for unfair market influence in connection with the company's sale of 325,000 OTP Bank shares during the final minutes of trade the Budapest Stock Exchange (BSE) on October 9, 2008, causing the OTP's share value to plunge to a closing decline of 14.33%.

The Budapest Municipal Court will consider Soros Fund Management's appeal of the PSZÁF fine beginning on December 3.

The spokesman for Soros declined to reveal whether Soros Fund Management currently trades shares listed at the BSE. (MTI-ECONEWS)