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On June 18, 2015. Prosecutor’s Office in Warsaw directed to the District Court for Warsaw-Downtown indictment against Roman K. and Grazyna K. accusing them of committing together and act in concert with Art. 183 paragraph. 1 of the Act of 29 July 2005. Trading in Financial Instruments in conjunction. with Art. 12 of the Penal Code.
Roman K. and Grazyna K. is accused of that in the period from 19 to 30 April 2013. They made the manipulation of shares of the company B. SA listed on the Warsaw Stock Exchange in Warsaw SA by placing orders and entering into transactions that might be misleading as to the real demand and supply and causing an artificial setting the price action and ensuring control over demand and podażą.Zawiadomienie in this case by the Financial Supervision Commission. The investigation was initiated on 4 July 2013.
From the evidence shows that manipulation made by the defendants consisted of placing orders and executing transactions in such a way that no significant change in the shareholding could cause an artificial increase in trading volume B. SA shares of the company.
Moreover, it was found that the transactions made on the accounts of the defendants provide in the period covered by the charges of effective control over the supply and demand of shares of B. SA, as over 50% of trading in shares of the company B. SA was generated as a result of orders placed from the accounts of the accused. This control was achieved in violation of the principles of fair trading (Art. 39 paragraph. 2 point 6 of the Act on Trading in Financial Instruments).
Established in the expert pointed out that orders and transactions were not intended to achieve profits or actual purchase or sale of shares of B. SA, but with the intention of artificially inflating the volume of trading in the shares, while the real intention of the accused was to achieve the volume of trading in shares of the company B. SA allows for the maintenance of the company’s shares in the index WIG20.
Tested orders and transactions would result in significant changes in the share price of the company B. SA, and orders placed and transactions were concluded in order to manipulate the trading volume.
From an economic point of view, these transactions were extremely inefficient because of any of the the transactions did not avail of cross-accused and they could not achieve immediate profit. While both they incurred a loss of brokerage commissions. In contrast, external observers (other investors) observed a very high increase in the volume of trading in shares of the company B. SA, which without being able to determine that they were alternating cross transactions, caused the false impression of a very high liquidity of the shares.
When questioned as a suspect GK did not admit its alleged offense and refused to provide explanations on the matter. heard as a suspect RK not guilty to the alleged offense and submitted explanations. They stressed that he had no intention of consciousness and manipulation of the shares of B. SA.
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