SYRIZA: Commission must investigate ‘insider information’ about PPC share selloff

The Capital Market Commission “must determine who had inside information about the Public Power Corporation’s (PPC) shares,” SYRIZA-Progressive Alliance party said on Saturday.

“Thousands of small investors lost their funds at Athens Stock Exchange transactions with PPC’s shares, that are suspect,” the main opposition party said. It noted that “instead of its share price rising, as expected, it plummeted from 10.5 euros to 9.02 euros on September 23, the day that the share capital increase plan was announced at the end of the stock exchange session.”

The drop in prices “was only known by PPC’s management and [Prime Minister Kyriakos] Mitsotakis and his close partners,” it said, while the commission “only intervened after an outcry.” The commission must check every sale occurring in these past nine days and inform authorities and citizens “who the parties were who were selling shares when everyone expected a rise, and what the source of insider information was,” it stressed.