Market watchdog suspends Broker Cluj's activity for two weeks

The capital market watchdog CNVM decided to withdraw for a fortnight the license of Broker Cluj (BRK), beginning with today, due to irregularities at the unit in Deva, NewsIn informs.

The shares of the brokerage house, traded at the first tier of the Bucharest Stock Exchange (BSE), are also suspended.

The Broker Cluj shares were laid over for more than an hour during the trading session of January 28, after they crushed by 14 percent on rumors about the fraud in Deva, estimated at several tens of billions old lei and committed by withdrawing large sums of money with faked receipts.

On the same day, the brokerage house announced it would temporarily shut down its unit in Deva, owing both to the internal and the financial crisis.

Broker Cluj officials declared that after discovering the fraud they called the police and the capital market watchdog, CNVM, whom decided to suspend the Deva-based unit for 45 days and to give a fine the branch's director of 10,000 lei.

The company had a nine-month net profit of 3.45 million lei last year, a 9.5-fold fall over the similar period of 2007, NewsIn informs.

Revenues stood at 7.43 million lei, a two-fold drop over the first nine months of 2007 as trading on the bourse reduced drastically towards the end of last year, with the economic crisis settling in Romania too.

Broker Cluj has a share capital of 144.73 million lei, divided into 289.47 million shares at a face value of 0.50 lei. The company’s capitalization stands at 27.64 million lei. Shares are listed at the first tier of the Bucharest Stock Exchange under the symbol BRK.


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