Samodol made the statement when asked to comment on claims made earlier in the day by a spokesman for the Hungarian oil and gas group MOL, who said that transactions involving INA shares on the Zagreb Stock Exchange yesterday and today were not transparent and were unfair, unclear and hostile towards MOL, as well as that they could also be illegal and should therefore be investigated by HANFA.

Noting that MOL officials had not contacted HANFA, Samodol said there was no manipulation or coordinated activity in trading in INA shares because there were no cases of one fund buying and another selling INA shares with the aim of maintaining their price and creating the impression of trading activity.

Also, funds did not prevent other investors from buying and selling shares by raising or lowering the price of INA shares or by preventing access to the market, Samodol said.

Commenting on MOL's statement that this was speculative dealing, Samodol said that speculation "is absolutely allowed on a stock exchange, but manipulation isn't."

However, if MOL was in any way sending market players messages that go beyond its private offer for the purchase of listed INA shares, it is manipulating the market and seriously breaching the Capital Market Act, Samodol warned.

In a statement published on its web site following the news conference held by MOL's spokesman Domokos Szollar, HANFA said that Szollar's statements were inappropriate and called on MOL to refrain from such statements because as a party in the planned private offer to buy shares held by INA's small shareholders, it was sending the small shareholders and potential investors incorrect and unverified information, as well as affecting HANFA's work in a way that could bring into question its autonomy and independence.

"HANFA has been continually monitoring real-time trading in the shares listed on the Zagreb Stock Exchange and if it detects any irregularities, it acts in line with its legal powers with the aim of protecting the investor. In that regard, it is entirely unnecessary and inappropriate to call on HANFA through the media to investigate transactions," HANFA said in the statement, adding that MOL should contact HANFA instead of the media in case it suspected concrete irregularities or unlawful activities.