OREANDA-NEWS. The Bank of Russia has ascertained the facts of repeated manipulation of unit markets of closed-end rental unit investment fund Istok managed by FORTIS-Invest Management company LLC, closed-end rental unit investment fund GBM-Alfa and closed-end rental unit investment fund GBM-Beta managed by GBM Capital LLC at the trading sessions of MICEX Stock Exchange CJSC in 2012 and 2013.

The unit markets of closed-end rental unit investment fund Istok, closed-end rental unit investment fund GBM-Alfa and closed-end rental unit investment fund GBM-Beta were created artificially practically in full. The prices and trading volumes of units of all the three funds at the trading sessions of MICEX Stock Exchange CJSC were formed by non-marketable methods and supported purposefully by legal entities affiliated with each other and with the management companies of units: ВРМ А LLC, CarTrade LLC, Land Investment Company LLC, Samokat LLC, ElectroSbyt LLC, Galant LLC.

The overwhelming majority of transactions with the funds' units on the exchange (over 90%) were made by these entities. Moreover, considerable shares in trading volumes of unit markets of closed-end rental unit investment fund GBM-Alfa and closed-end rental unit investment fund GBM-Beta were formed involving CB Miraf-Bank CJSC, which had made premeditated transactions with Samokat LLC and ElectroSbyt LLC.

In pursuance of Clause 2 of Part 1 of Article 5 of Federal Law No. 224-FZ, dated 27 July 2010, 'On Countering the Misuse of Insider Information and Market Manipulation and Amending Certain Laws of the Russian Federation', the actions taken by ВРМ А LLC, CarTrade LLC, Land Investment Company LLC, Samokat LLC, ElectroSbyt LLC, Galant LLC, and CB Miraf-Bank CJSC under the preliminary agreement and which caused considerable deviations of prices and trading volumes, are qualified as market manipulation.

The actions to manipulate unit markets of closed-end rental unit investment fund Istok, closed-end rental unit investment fund GBM-Alfa and closed-end rental unit investment fund GBM-Beta were aimed at misleading a wide number of investors, as well аs the financial market regulator with regard to the price and liquidity of these units.

Based on Clause 5 of Part 1 of Article 14 Federal Law No. 224-FZ, dated 27 July 2010, 'On Countering the Misuse of Insider Information and Market Manipulation and Amending Certain Laws of the Russian Federation', the Bank of Russia sent instructions to prevent similar violations in the future to ВРМ А LLC, CarTrade LLC, Land Investment Company LLC, Samokat LLC, ElectroSbyt LLC, Galant LLC, and CB Miraf-Bank CJSC.