LSC News

Sanction upon Bronislovas Lubys, Chairman of the Board of AB Klaipėdos jūrų krovinių kompanija

Bronislovas Lubys, Chairman of the Board of AB Klaipėdos jūrų krovinių kompanija, failed to notify the issuer of the transactions concluded on own account for shares of AB Klaipėdos jūrų krovinių kompanija.  On several occasions in the period from November 2008 to February 2009 Bronisloavas Lubys, by concluding automatically matched trades concluded 15 deals for purchase of 21 417 registered ordinary shares of AB Klaipėdos jūrų krovinių kompanija for LTL 196,  566.4, however, failing to notify the deals concluded as required by the provisions of the relevant legal acts. Thus Bronislovas Lubys infringed the requirements of Article 62(4) of the Law on Markets in Financial Instruments and Item 8 of the Rules on the Notification of Transactions Concluded by Managers of Issuers in their Own Name in Securities of Said Issuers leading to administrative liability according to Article 173⁵ (1) of the Code on the Administrative Violation of Law that provides for a possibility to impose a fine in the amount from LTL 1,000-LTL 2,000.

The duty upon managers of issuers and persons closely linked to them to notify of transactions concluded in their own name for securities of the issuers managed thereby is established in the Law on Markets in Financial Instruments.