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EUR 10 MN in 19 minutes:

Senator suspect of cheating in stock market game

de     HotNews.ro
Joi, 31 mai 2007, 0:00

Attila Verestoy
Photo: DGP / Hotnews.ro

Senator Attila Verestoy, representing the Hungarian Minority Democratic Union (UDMR) is accused of winning 10 euros in only 19 minutes at the Stock Exchange, during the session March 28, 2006, by using "inside information".

The insider trading aspects of the deal consist in the fact that Verestoy dealt SIF titles (SIF - Financial Investments Society) while the Parliament debated the SIF law. Verestoy was aware of the final form of the law and also of the effects it would have on the stock market.

Market analyst Cristian Sima declared for HotNews.ro that the amount discussed by the media has no true grounds. Still, Sima says, in order to avoid such situations, countries like France and Italy force the elected dignitaries sell their shares and stop playing on the stock market.

Senator Ioan Corodan considers that the Bucharest Stock Exchange (BVB) should have stopped all SIF stock transactions while the law was discussed in the Parliament, at least until the official decision was published.

Corodan admits that Verestoy was aware of the final form of the law and used the information he got though his position in order to sell for a better price.

The SIF shares dropped 9% after the MPs decision was made public.

Attila Verestoy declared for the public TV station that he deals such title everyday, that all the information was public and that he wasn't even in the Parliament when the vote took place.

The Anti-Corruption Prosecution Office (DNA) demanded information about the way the SIF law was voted for and about the presence during the session.

Several members in the Senate board consider the DNA demand as "an abuse".
























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