The Bank of Russia has identified instances of insider information misuse by Nikolai Igorevich Minashin. According to the regulator, Minashin, who served as Director of Investor Relations, had long-term access to confidential details about a share buyback program and a major transaction involving the issuer.
The Bank of Russia stated that Minashin used this privileged information to purchase shares through on-exchange trading on several occasions. The subsequent disclosure of this insider information led to a significant increase in the share price, after which Minashin sold the securities for financial gain.
Following its investigation, the Bank of Russia classified these actions as a violation of Clause 1 of Part 1 of Article 6 of Federal Law No. 224-FZ, dated July 27, 2010, "On Countering the Misuse of Insider Information and Market Manipulation and Amending Certain Laws of the Russian Federation."
"The Bank of Russia has sent the binding order to N.I. Minashin to cease and desist from similar violations in the future and limited transactions on his trading accounts," according to an official statement.
The investigation materials have been forwarded to law enforcement authorities for further action.
The Bank also called on issuers and other legal entities listed in Part 1 of Article 11 of Federal Law No. 224-FZ to fulfill their obligations regarding measures aimed at preventing, identifying, and suppressing insider information misuse. These measures include ensuring protection and confidentiality.