RS Securities Commission Brought Charges against Raiffeisen Brokers

25. Oktober 2006, 00:00

The Securities Commission of the Republic of Srpska (RS) announced that it has brought charges against three legal...

The Securities Commission of the Republic of Srpska (RS) announced that it has brought charges against three legal entities, of which two are foreign, because they violated the legal 10-per-cent threshold for ownership in one of the Privatisation Investment Funds (PIF).

In Sarajevo, charges were brought against the company Raiffeisen Brokers, which violated the census in PIF Crystal Invest, the Austrian Hypo Alpe Adria Bank for violating the legal census in PIF Bors Invest and Tolart from Ljubljana because of the infractions in PIF Privrednik. The fine for this ranges from BAM 5 000 to BAM 17 000.

At the same time, the Securities Commission block ownership rights of the abovementioned companies in those Privatisation Investment Funds, imposing on them the obligation to sell the excess stock in those funds.

The Assistant General Manager of Raiffeisen Brokers, Lejla Baljevic said that the company is still not familiar with the details of the charges against them, but admitted that there is a possibility that the company violated the legal census.

She added that, if the company violated the legal census, it was merely a technical error as the company is now below the census, which can be seen from the data presented by the Banjaluka Stock Exchange and the Central Securities Registry.

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