The Central Bank reported manipulation of shares of the St. Petersburg Exchange during its “bankruptcy” – Kommersant
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Central Bank installed the fact of market manipulation in trading in shares of the St. Petersburg Exchange. The “significant deviation in stock trading parameters” recorded on November 27, 2023 was caused by the dissemination of false information about the exchange filing for bankruptcy. The Central Bank sent the materials of its inspection to law enforcement agencies.
As the Central Bank explained, the exchange did not file for bankruptcy, but information about the progress of court cases is necessarily posted in the public file of arbitration cases, which is in the “attention zone” of the media and Telegram channels.
“The Bank of Russia regards the preparation of a statement allegedly on behalf of PJSC St. Petersburg Exchange and sending it to the court as deliberate actions that influenced the course of trading,” the regulator said in a statement.
The Central Bank did not specify who submitted the application. The exchange’s press service claimed that the joint-stock company did not do this, however, in the ruling of the Moscow Arbitration Court it was saidthat the statement came from him. As RBC wrote, the submitted application bore a seal imprint similar to the seal of the St. Petersburg Exchange, as well as the purported signature of General Director Evgeny Serdyukov. Publication source saidthat site employees recorded discrepancies in signatures and seals, it is assumed that they were compromised.
The incident occurred at the end of November 2023. Then information appeared in the media, with reference to a file of arbitration cases, that the St. Petersburg Exchange had filed for bankruptcy. This led to a drop in the company’s shares on the Moscow Exchange by 30%. St. Petersburg Exchange denied information about the filing of the application. The situation in the Central Bank of Russia called close to the crime and stated the need for an investigation. Lawyers interviewed by Kommersant noted that anyone could submit an application on behalf of the exchange, and the court was obliged to register it, even if it could simply be returned later without consideration.
Read more about the situation in the Kommersant article. “Bankruptcy was traded on the St. Petersburg Exchange”.
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