NBH finds no evidence of market manipulation in Magyar Telekom cancelled contracts trading probe

Budapest, January 12 (MTI) – The National Bank of Hungary found no evidence of insider trading or market manipulation in a probe related to the announcement of the cancellation of some government contracts with Magyar Telekom, a reply to an opposition MP by the central bank and financial market watchdog shows.

“Information available to the NBH as part of its market monitoring activity as well as publically available information did not raise any suspicion of insider trading or market manipulation that would require the launch of an oversight procedure,” central bank governor Gyorgy Matolcsy said in a written response to Socialist MP Bertalan Toth posted on the website of Parliament.

Magyar Telekom’s share price fell after the announcement on December 17 that the government would cancel some contracts with the company but recovered ground later in the trading session. The government took the decision after Magyar Telekom cancelled its sponsorship contract with the popular musician Akos Kovacs over remarks he made on the role of women.

Photo: technokrata.hu

Source: http://mtva.hu/hu/hungary-matters