The panel of judges of the Sixth administrative court of appeal dismissed the appeal of the National Commission on securities and stock market (NKTSBFR) and the decision of the District administrative court of Kyiv on may 23, 2019 – unchanged, thus confirming the lifting of sanctions the securities Commission in relation to “task-broker”, says the court’s decision, the text of which is published 5 August in the Unified registry of court decisions.

“The panel of judges agrees with the conclusion of the court of first instance, the actions of LLC “task-broker” is clearly stipulated in law No. 448/96-BP as not falling under signs of price manipulation on the stock market. Consequently, the court of first instance came to the correct conclusion that order No. 723-DP-T from 27 December 2018 is unreasonable, unlawful and subject to cancellation,” reads the court order.

As reported, on may 23, the District administrative court of Kiev made the decision on cancellation of the decision of the NSSMC dated 27 December 2018 on the imposition of a 170 thousand UAH of a penalty on a company”task-broker”, but the Commission did not wait for the decision and suspended the licenses than actually blocked the work of the company.

Securities trader of “task-broker” has written a letter to the President of Ukraine Vladimir Zelensky, criticizing the activities of NSSMC, which may 17, suspended his license for non-payment of a fine on charges of manipulating the stock market.

“Task-broker” together with the company on assets management “task-invest” is included in the investment group “task”, founded in 2006 on the basis of the eponymous investment company operating on the Ukrainian market since 2002, the group is Headed by Sergey Brodovich.

“Task-broker” in 2018 increased its revenue by 6.1% to 42.04 million, its net loss amounted to 1.14 million UAH compared to 0,02 million UAH of net profit a year earlier.