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Thursday, 18.04.2024, 15:49
Criminal case over possible insider trading in relation Ventspils Nafta shares closed
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State Police representative Ilze
Jurevica said the criminal case had been closed due to the lack of evidence
of a crime. No appeals against the State Police decision were filed with the
Prosecutor General's Office.
On November 13, 2015, the Latvian financial regulator, the Finance and
Capital Market Commission, turned to the police in relation to possible use of
inside information and market manipulation with shares in Ventspils Nafta. The regulator had examined certain transactions
made on the Nasdaq Riga stock exchange from September 9 to September 11 when
the price of Ventspils Nafta rose
steeply and found indications suggesting insider trading and market
manipulation on part of one investor. The FKTK also concluded that the
transactions had resulted in substantial financial losses therefore the FKTK
asked the police to start a criminal proceeding.
The financial regulator started a probe into possible insider trade and
market manipulation because the stock price rose steeply few days before Ventspils Nafta made public the
information about one of its shareholders, Euromin
Holdings (Cyprus) Limited (Euromin),
negotiating purchase of a 43.25% stake held by another shareholder, Latvijas Naftas Tranzits (LNT).
Ventspils Nafta made the announcement about Euromin
negotiating with LNT acquisition of
43.25% of Ventspils Nafta shares on
September 13, 2015. Between September 3 and September 9 the price of Ventspils Nafta on the Nasdaq Riga stock
exchange was in the range between 1.05-1.16 euros but rose to 2.01 euros on
September 10.
Ventspils Nafta is the central holding company in a transit-oriented group whose task is
to manage the investments in its subsidiaries. The Ventspils Nafta group is working in the following areas:
transshipment of crude oil and petroleum products; transport of crude oil and
petroleum products by pipelines; shipping.
After Euromin acquired all 100% of
Ventspils Nafta shares in a final
takeover bid, Ventspils Nafta was
delisted from the Nasdaq Riga Main List on January 25, 2016.
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