• NLD AFM fined VDVI BV a financial holding firm 3mn EUR for market manipulation.

Misconduct

• VDVI BV is primarily engaged in the purchase, development, exploitation as well as sale of real estate which artificially increased the price of a listed equity fund.
• VDVI had a substantial shareholding in the listed company Ebusco Holding on 20 September 2022, VDVI instructed its bank to sell up to 1.2mn Ebusco shares through a private sale.
• Immediately afterwards, VDVI also became active as a buyer of Ebusco shares.
• On three trading days, it placed purchase orders for a limited number of shares at high limits, which were executed immediately, these orders had a price raising effect.

Enforcement

• The decision is irrevocable, despite VDVI BV filling an objection.