The Bank of Russia established facts of illegal use of insider information as a member of the board of directors of PJSC & quot; Ashinsky Metzavod & quot; Mikhail Papkin, when performing operations with the company's shares, the regulator said.
According to the Central Bank, Papkin on August 9, 2024 participated in a meeting of the board of directors, which considered issues about the convening of an extraordinary meeting of shareholders and dividends. On the day of the meeting, he made a series of transactions to purchase shares & quot; Ashinsky Metzavod & quot;, which he sold after the publication the recommendation of the Board of Directors on the payment of dividends, having made a profit. It has not been produced for more than 20 years, this news provoked a sharp increase in quotations, the Central Bank notes.
Papkin was brought to administrative responsibility for the illegal use of insider information, he was aimed at a prescription for the prevention of subsequently similar violations. In addition, the Bank of Russia sent instructions to professional participants on the suspension of operations on its brokerage accounts.
