Bloomberg News

Russian Financial Watchdog to Probe AvtoVAZ Share-Buyback Ad

December 20, 2012

Russia’s Financial Markets Service opened a probe into “manipulation of shares” of the country’s biggest carmaker, OAO AvtoVAZ, after an ad for a stock buyback was published today in the Vedomosti newspaper, the watchdog’s head, Dmitry Pankin, said in his blog.

AvtoVAZ said the buyback announcement wasn’t genuine, calling it a “provocation.” The carmaker’s shares had jumped as much as 24 percent on the report.

To contact the reporter on this story: Stepan Kravchenko in Moscow at

To contact the editor responsible for this story: Balazs Penz at

The Good Business Issue
blog comments powered by Disqus