Luxembourg regulator CSSF fines shareholder of Orco Property Group

Luxembourg regulator CSSF fines explained by professional Forex trading experts the “Luxembourg regulator CSSF fines” FX trading team.

Luxembourg regulator CSSF fines

The Commission de Surveillance du Secteur Financier (CSSF) informed that it has sanctioned the ultimate and indirect controlling shareholder (the “Sanctioned Person”) of Orco Property Group S.A. (the “Issuer”) for market manipulations on the shares of the Issuer (ISINLU0122624777) in accordance with the provisions of the Law of 9 May 2006 on market abuse (the “Market Abuse Law”).

The CSSF has, more particularly, concluded that the omissions and/or misstatements in the Crestline Ventures Corp. and Gamala Limited’s press release of 18 October 2012 (“Crestline Ventures Corp. and Gamala Ltd.

Together Acquire a 20.69 % Interest in Orco Property Group”) qualify as market manipulation under Article 1(2)(c) of the Market Abuse Law and that such infringement is imputable to the Sanctioned Person as the beneficial owner of the above-mentioned entities.

Luxembourg regulator CSSF fines Conclusion

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