The Central Bank of Russia accused former deputy general director…
The Central Bank of Russia accused former deputy general director for asset management at investment and technology holding company Softline, Igor Gromov, of improper use of insider information in transactions involving the company's shares.
Consensus
- Igor Gromov was a former deputy general director of Softline responsible for asset management.
- Gromov conducted stock transactions on the Moscow Exchange between June 19 and June 27, 2024.
- At the time, Gromov was also a top manager at 'Alvarus Capital', a minority shareholder in Softline.
- The Central Bank of Russia concluded that Gromov used insider information obtained through his position to conduct trades.
- On June 27, 2024, Softline's board decided to increase its charter capital via additional share issuance for M&A deals.
- After the announcement, Softline’s stock price dropped by 5.43%.
- Gromov prepared materials for the board meeting and sold a significant number of shares before the public disclosure.
- After the price drop, shares were repurchased by 'Alvarus Capital'.
- The Central Bank concluded that this sequence allowed 'Alvarus Capital' to avoid potential losses.
- The Central Bank issued a directive to Igor Gromov as a result.
Coverage (3 sources)
- Central Bank Detects Insider Deal by Top Softline Executive Before Additional Issuance — Коммерсантъ
- Central Bank Accuses Former Top Manager of Softline in Insider Information — Ведомости
- Central Bank Accuses Former Top Manager of Softline of Using Insider Information in Deals — Коммерсантъ