The Croatian Financial Services Supervisory Agency (HANFA) on Monday ordered the suspension of trading in the shares of the INA oil and gas group until the close of the trading week on May 13, the Zagreb Stock Exchange said.
HANFA said it had detected considerable trading in INA shares by foreign investors and had requested necessary information from relevant foreign regulators and investors to establish facts and ensure transparent trading and investor protection.
HAFNFA recalls that given the circumstances and available data on investors, established on 31 March, it had requested information from the Hungarian oil company MOL on the way the Hungarian oil company purchased INA shares, on securing funds for another investor for the purchase of INA shares and information about possible agreement with another investor concerning the purchase of INA shares.
HANFA received a memo from MOL, via Zuric and Partners law firm, in which MOL replied to HANFA's inquiry of 31 March. Given that the memo did not include data the agency needed to establish the facts, HANFA decided to temporary suspend trading in INA shares to ensure regular and transparent trading at the stock exchange.
HANFA suspended trading in INA shares on several occasions - from March 28 to 8 April, from April 28 to May 6 and now from May 9 to May 13.
