Ringkjoebing Landbobank A/S : and an employee were again acquitted by the High Court on a charge of participation in price manipulation

This stock exchange notification is sent further to the stock exchange notification of 24 August 2016. 

Ringkjøbing Landbobank and one of the bank’s employees were today unanimously acquitted by the Western Division of the Danish High Court in Viborg on a charge of participation in price manipulation. 

After the bank and the employee were fully acquitted by both the Town Court and the High Court the Public Prosecutor for Special Economic and International Crime (SØIK) applied the Danish Appeals Permission Board for permission to bring the case before the Danish Supreme Court, which was granted. 

The Supreme Court quashed the 24 August 2016 the previous decision by the Western Division of the High Court on grounds of incorrect application of law, remitting the case for rehearing by the Western Division of the High Court. 

The case concerned one stock exchange transaction totaling DKK 30,000 in a highly illiquid property bond made in late 2011. The transaction was made within the price spread at the time of trading. 

The bank and the employee received a fine of respectively DKK 25,000 and DKK 10,000 for breaching the duty to notify the Danish Financial Supervisory Authority under Section 37 (6) of the Danish Securities Trading Act. 

We are very pleased with the High Court's acquittal confirming both the Town Court’s verdict, the High Court’s previous verdict and our original assessment of the case. We take note of the non-notification decision. 

Yours sincerely, 

Ringkjøbing Landbobank 

John Fisker           Jørn Nielsen