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Vestjysk Bank A/S Receives Charges of Price Manipulation


Tuesday, 9 Jul 2013 11:33am EDT 

Vestjysk Bank A/S announced that it has on July 9, 2013 received charges of price manipulation from the Public Prosecutor for Serious Economic and International Crime (SOEIK), with the text that "during the period just prior to September 22, 2008 up until and including September 30, 2008, as a legal entity represented by former Chief Executive Officer Frank Alex Kristensen as a legal person to be responsible for setting up an agreement just prior to September 22, 2008 between Vestjysk Bank and Sparekassen Himmerland A/S regarding mutual acquisition of shares, where it was agreed in more detail that part of Vestjysk Bank A/S' purchase of Sparekassen Himmerland's shares should be done by way of Vestjysk Bank A/S consecutively sending purchase orders to NASDAQ OMX at a price of 590, falling to 570 in order to ensure that the share did not fall below this price. The agreement was executed by the bank in the period from September 22, 2008 to September 30, 2008 by placing purchase orders on NASDAQ OMX at a price of 590, falling to 570 and thereby buying 2,080 shares at a total value of DKK 1,121,865, which meant that the price of Sparekassen Himmerland's shares in the specified period was kept artificially high at the level agreed upon between Vestjysk Bank A/S and Sparekassen Himmerland A/S." The Company announced that it cooperates with SOEIK, which has conducted investigations in Vestjysk Bank A/S, and any required material has and will be made available by Vestjysk Bank A/S. 

Company Quote

15.8
0.1 +0.64%
22 Aug 2014