Troika Dialog Ukraine, the local unit of Russia’s OAO Sberbank, was fined by the Ukrainian stock market regulator for “manipulating securities” and receiving an “unjustified profit.”
The National Stocks and Securities Commission fined Troika 170,000 hryvnia ($10,879) for actions on March 15 that changed the benchmark index of Ukrainian Exchange, the UX, with the purpose of making a profit in operations with futures, the regulator said in a statement on its website today.
“The commission studied the situation comprehensively,” acting head Anatoliy Amelin said in the statement. A detailed analysis proved there was “manipulation with prices.”
“We regard the commission’s decision today as unjustified and unlawful,” Troika’s press service said in e-mailed statement. “We are going to challenge this decision according to the law.”
The commission started a case against Troika in December, according to its website.