The Central Bank convicted KPMG and Evraz employees of insider trading in Raspadskaya shares
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The Central Bank revealed the facts of illegal use of insider information when trading ordinary shares of Raspadskaya at the November 2020 auction. From press release According to the regulator, Dmitry Smolin, an employee of the KPMG audit company, Narine Mamaryan, an employee of the Evraz metallurgical holding, and her close relatives took part in insider trading. Now trading on their accounts is stopped.
According to the Central Bank, during the implementation of the Evraz project to consolidate the coal mining business, they received access to information about the upcoming decisions of the board of directors of Raspadskaya, including information related to the upcoming deal to acquire 100% of the authorized capital of Yuzhkuzbassugol and buy back shares from shareholders of Raspadskaya.
Prior to official publication, in accordance with the current legislation, such information was insider information, since it was accurate and specific. In addition, according to the Central Bank, an independent appraiser gave Dmitry Smolin, Narine Mamaryan and her relatives data on the market value of Raspadskaya shares. The regulator notes that the price exceeded the then-current quotes of the company’s shares and could have influenced them if it spread.
According to the Central Bank version, Dmitry Smolin, Narine Mamaryan and her relatives bought shares for several days in the main trading mode at prices below the redemption, and then made a profit by selling shares at the peak of growth.
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