Afarak Group PLC (LON:AFRK), the specialist alloy maker, is studying a ruling by Finnish regulator FIN-FSA that alleges that the company failed to comply with its legal obligations to disclose inside information and in regard to the management of insider lists.
FIN-FSA has proposed a penalty payment of €1.45mln.,although this decision is not yet legally binding.
The company has the right to appeal the decision in the Helsinki Administrative Court within 30 days of receipt of notice of the decision.
Afarak’s board of directors will study the FIN-FSA decision carefully and reflect about the appropriate legal actions, and will update the market in due course about its next steps.