During yesterday’s and today’s trading of INA shares on the Zagreb Stock Exchange, there were no manipulations or coordinated actions, stated Ante Samodol, the CEO of the Croatian Financial Services Supervisory Agency (Hanfa), for Hina.
Samodol made this statement when asked for a comment on claims made at today’s press conference by the spokesperson of the Hungarian MOL, stating that yesterday’s and today’s transactions of INA shares on the Zagreb Stock Exchange were non-transparent, unfair, unclear, and hostile towards MOL, and that they could also be illegal, warranting an investigation by Hanfa. Noting that no one from MOL has contacted Hanfa, Samodol said that there were no manipulations or coordinated actions in the trading of INA shares, as it did not occur that one fund buys while another sells with the aim of maintaining the price and creating the illusion of trading. Furthermore, funds did not prevent other investors from buying and selling shares by lowering or raising the share price and blocking access to the market, says Samodol. Commenting on MOL’s assessments that this is speculative activity, Samodol emphasizes that speculation is “absolutely allowed on the stock exchange, while manipulation is not.” However, if MOL has in any way sent messages to market participants that go beyond the scope of its private offer to purchase freely listed INA shares, it is manipulating the market and is in serious violation of the Capital Market Act, warns Samodol. (H)
