It was also the first time when the institution concluded that an investor manipulated the Bucharest Stock Exchange (BVB) to protect his investments in the Sibiu Stock Exchange ring. CNVM fined businessman Adrian Andrici, majority shareholder of the Haber Hateg beer producer, with €270,000.
He is accused of distorting, in March 2006, the closing share price of oil companies Rompetrol Rafinare Constanta (RRC) and Petrom (SNP), to protect its investment on the Sibiu Monetary-Financial and Commodities Exchange (BMFMS). In the final seconds of the last trading minute of the 31 March 2006 session, Andrici gave a sell order for a SNP share package and a buy order for a RRC share package. Both transactions were intermediated by the Swiss Capital brokerage firm, later taken over by the KBC Securities Romania brokerage company.
The businessman said he made these decisions to set right a SNP buy transaction carried out incorrectly on that same day by his broker, who had bought SNP shares instead of RRC shares by mistake, according to CNVM.
The largest fine giving by the Commission so far was in the Amonil case, when the Mobinvest brokerage company, its manager and one of its brokers were found guilty of manipulating the capital market.
The brokerage company had to pay €72,000, as well as its manager, and the broker was fined with €186,000.
