FNG: stock market watchdog goes to court

FNG: stock market watchdog goes to court

The Brussels Financial Services and Markets Authority FSMA expands its research into fashion group FNG and hands over the files to the court. There would be indications of possible market manipulation.


New indications of infringements

For the first time, stock exchange watchdog FSMA is making itself heard in the FNG dossier. The authority had already started asking critical questions last year with regard to the second IPO of the fashion group in Brussels. Former CEO Dieter Penninckx said to RetailDetail that this was a routine investigation, but now the FSMA itself is taking further steps.


"Last year, the FSMA launched an investigation into indications of possible market manipulation under the administration of the previous management of FNG. On the basis of that investigation, the executive committee decided to submit a file to the auditor for a possible infringement regarding market manipulation", a press release states.


Moreover, 'a number of new indications of infringements' have recently surfaced. According to the stock market watchdog this refers to financial information that FNG itself released, among other things. These indications 'could also be burdensome for the former management'. The investigation is therefore now being extended even further.


The stock market watchdog is also taking the matter to court: the FSMA's management committee says it has decided to refer the matter to the judicial authorities. The announcement comes just after the group was granted 90 days of protection against creditors today.