National Bank Of Hungary Fined Napi Gazdaság & Napi.hu For Illegal Market Manipulation
- 27 Nov 2013 8:00 AM
The National Bank of Hungary (NBH) has fined the publisher Napi Gazdaság Kiadó and news portal Napi.hu 3 million forints each for illegal manipulation of the market. The NBH launched an investigation over an article published by the business daily as well as the news portal on October 16, which said Norway’s Oil Fund could consider selling its 1.6% stake in Hungarian oil and gas company MOL because ethics rules do not allow it to hold shares of companies suspected of corruption.
The price of MOL shares fell by 6% in the morning that day in active turnover, though MOL pared losses later in the session. An international arrest warrant has been issued for MOL’s chief executive on suspicion he bribed Croatia’s former prime minister to give MOL management control over Croatian peer INA.
NBH took over financial market supervision from PSZÁF on October 1, when PSZÁF, integrated into the central bank, ceased to exist.
Source www.hungarymatters.hu
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