The MNB imposed a HUF five million fine on Mol

The MNB added: the news about the discovery of the oil field certainly affected the issuer's opinion through its published announcement and social media communication, and in this context it may have indirectly affected the value and yield of its securities.

In its decision published on Monday, the central bank called on Mol, as an issuer, to fulfill its extraordinary obligation to provide information in accordance with the law at all times, and also imposed a supervisory fine of HUF 5 million on the company for violating this obligation.

In the announcement, it is recalled that on November 21 of this year, according to the announcement published on the media page of Mol Nyrt.'s website - i.e. not on the "Investor Relations" subpage reserved for investor information - "a significant amount of crude oil was found in the area of Vecsés". The issuer subsequently shared additional details about the discovery in social media, confirming the original message, but did not publish any extraordinary information in the official information storage system operated by the MNB or on the website of the Budapest Stock Exchange.

According to the MNB's assessment, the information communicated by Mol Nyrt. directly or indirectly affected the assessment of the company in a way that leaves no doubt. As a result of this - as the movement of the exchange rate confirmed afterwards - their at least indirect effect on the value or yield of the securities could not be ruled out either. According to the MNB's findings, the issuer should therefore have published extraordinary information about this information.

In the company's extraordinary information (which it failed to publish), it would have had the opportunity to present the effect of the discovery on the result of the discovery and the volume of its extraction in a balanced manner. In the absence of this, investors did not have the opportunity to accurately assess the significance of the discovery, so the validity of their trading decisions based on the news could be damaged, the MNB announced.

By failing to make an official publication, the issuer violated the relevant provisions of the Capital Markets Act.
In connection with the case, the MNB underlines: of course, all listed issuers are given the opportunity to communicate on other platforms after publication on the official capital market channels - especially on topics of public interest. However, it is the legal obligation of every listed company to communicate all (potentially) capital market related information primarily and fundamentally by using the official capital market disclosure channels - presented in a balanced manner and in context - to investors or, as the case may be, to the wider public.

(Source: autokalauz.co.hu; MTI | Image: pixabay.com)