Pinto da Costa purchased SAD shares from FC Porto less than 30 days before the accounts were presented, which by law could constitute a crime of Market Abuse punishable by a fine of up to five million.
The President of the Board of Directors of SAD do Futebol Clube do Porto purchased shares in the company on January 4th (2,740 shares) and February 1st (1,350 shares), in what has been a regular acquisition of securities from the company that manages the football club, but forgot that the law prevents directors from making share purchases in the 30-day period prior to the presentation of accounts, and SAD has already announced the presentation of accounts for the 15th of this month.
Therefore, the purchase of securities in February is likely to be considered market abuse by the Securities Market Commission (CMVM). In Portugal, a fine of between 25 thousand euros and five million euros is expected to be imposed, according to the Securities Code.
Pinto da Costa thus risks a fine of five million euros for purchasing just over a thousand shares in SAD do Porto for which he paid 1,660.5 euros. Jornal Económico knows that the CMVM is analyzing the situation. When contacted, the capital market regulator responded that it is subject to “professional secrecy, meaning it cannot provide clarification on its activities within the scope of its activity of supervising entities”.
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2024-02-09 23:00:00
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